KOLWEZI, DEMOCRATIC REPUBLIC OF CONGO – Ivanhoe Mines’ (TSX: IVN; OTCQX: IVPAF) Co-Chairs Robert Friedland and Yufeng “Miles” Sun announced today that the company and its partners, Zijin Mining Group, Crystal River Global Limited and the Democratic Republic of Congo (DRC), welcome the extremely positive findings of an independent Integrated Development Plan (2023 IDP) for the world-leading Kamoa-Kakula Copper Complex. The 2023 IDP consists of a Pre-Feasibility Study (Kamoa-Kakula 2023 PFS) for the Phase 3 and Phase 4 expansions of the Kamoa-Kakula Copper Complex over a 33-year mine life, as well as an updated Preliminary Economic Assessment (Kamoa-Kakula 2023 PEA) that includes a life-of-mine extension case to 42 years overall.
The Kamoa-Kakula 2023 PFS evaluates a staged increase in production capacity at Kamoa-Kakula from the current nominal throughput rate of 7.6 million tonnes per annum (Mtpa) up to a total of 19.2 Mtpa by 2030. First, the throughput of the Phase 1 and 2 concentrators is increased to 9.2 Mtpa by the imminent completion of the debottlenecking program.
Phase 3 includes the ongoing construction of a new 5.0 Mtpa concentrator, located at Kamoa, which is targeted to be completed in Q4 2024. As part of the Phase 3 expansion, a direct-to-blister (DBF) flash smelter is under construction to produce approximately 500,000 tonnes of 99+% pure copper metal, and the replacement of Turbine #5 at the Inga II hydroelectric power station is well underway. The turbine replacement will supply an additional 178 megawatts (MW) of clean hydroelectric power to the national grid and provide power for Phase 3.
Phase 4, planned for later in the decade, includes the construction of an additional 5.0 Mtpa concentrator in parallel to Phase 3, which will be fed by mines in the Kamoa area, bringing overall production up to 19.2 Mtpa.
The Kamoa-Kakula 2023 PEA evaluates a further 9-year extension to mine life,from four additional mines, maintaining production from the Phase 1 – 4 concentrators until beyond 2060.
The Kamoa-Kakula 2023 PEA is preliminary and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves – and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.
The world-class economic results confirm Kamoa-Kakula’s position as one of the world’s largest, ultra-green and lowest-cost producers, which will be a world leader in the empowerment of women and the development of Congolese youth for many decades to come
Watch a video encompassing the core elements of the 2023 IDP as well as ongoing expansion activities at Kamoa-Kakula: https://vimeo.com/793832552/c6e4f1f11d
Figure 1: World’s projected top 20 copper mines in 2025, by key metrics.
Notes: Kamoa-Kakula production and grade are based on average paid copper production and average copper feed grade during the first 10 years as detailed in the Kamoa-Kakula 2023 PFS. Kamoa-Kakula resource is based on the contained copper in the Measured & Indicated category in the Kamoa-Kakula 2023 PFS. The ‘Copper Head Grade’ reflects the average reserve grade. 2025 Measured & Indicated resources take into account 2023-2024 production figures (which have been subtracted from the starting 2023 M&I resources balance). Measured & Indicated resources are inclusive of reserves and are on a 100% basis.
Source: Wood Mackenzie (based on public disclosure, the Kamoa-Kakula 2023 PFS has not been reviewed by Wood Mackenzie).
Ivanhoe Mines’ Executive Co-Chairman, Robert Friedland commented: "In a world where it is exceedingly rare for tier-one ore bodies to be discovered, developed and mined ... Kamoa-Kakula stands out as a beacon of what is possible given the exceptionally hard work of a ‘United Nations’ of highly dedicated people. This study marks the culmination of a 26-year journey that began with the conviction of visionary geologists and now has become one of the world's leading, lowest-carbon emitting, long-life suppliers of vital copper metal, which humankind desperately requires as we transition to a more sustainable future underpinned by renewable energy.
"This monumental achievement would not have been possible without our leading engineers, technicians and consultants, the invaluable contributions of our partners at Zijin Mining and CITIC Metal, our international shareholders ... as well as the progressive partnerships at Kamoa-Kakula with the Democratic Republic of Congo government and our local communities.
"This integrated development plan reveals the true, long-life nature of the Kamoa-Kakula Copper Complex, which will be producing 'green', high-grade copper metal for the better part of this century. It also demonstrates the bright future and vast potential for the Democratic Republic of Congo and its people, which is ready to become a world leader in the responsible supply of vital electric metals required by governments around the world to enact policies to combat climate change.
"Kamoa-Kakula is one of the world's largest, highest-grade copper complexes, and a major economic engine that generates leading returns on capital and exceptional free cash flow. This marks another milestone on a great journey, and we look forward to the many successes to come with our partners and shareholders.
“Ivanhoe Mines is ready to take the next step in becoming the world’s next major, diversified mining company … and Kamoa-Kakula will become the model for future mines as we embark on the next generation of tier-one developments at our Platreef and Kipushi projects.”
Kamoa-Kakula to build on outstanding achievements of Phase 1 and 2, developing into a multi-generational major copper producer in partnership with the DRC and local communities
Ivanhoe Mines’ President, Marna Cloete said: "When we set out to build the tier-one Kamoa-Kakula Copper Complex, alongside our joint-venture partners at Zijin and the Democratic Republic of Congo government, we were resolute in our commitment to industry-leading standards in terms of resource efficiency, water and energy usage, and minimizing emissions. We knew Kamoa-Kakula had the potential to become an example of how modern mining must be done – in partnership with local governments and communities, and with an unwavering focus on transparency and environmental, social and governance best practices.
"The Democratic Republic of Congo is blessed with exceptional hydropower potential, world-class geology, and a young, vibrant population ready to enter the workforce as the next generation of accomplished engineers, geologists and skilled technicians. Kamoa-Kakula now has generated over 12,000 jobs from its operations and construction activities, with over 95% of those positions filled by Congolese nationals. We are endeavouring to continue this excellent track record of local employment and training with the construction of the Kamoa Centre of Excellence. The centre will create a sustainable and community-focused higher learning environment, offering international degrees and diplomas in the heart of the Lualaba province in the DRC.
"Meanwhile, the Kamoa-Kakula Sustainable Livelihoods program has succeeded in nurturing local businesses and value chains around the mining complex, including sustainable agriculture and farming, improved water security, and investments in early childhood education and gender equality, thereby advancing our commitment towards the United Nations’ Sustainable Development Goals.
"I would like to congratulate all the dedicated employees and contractors responsible for these industry-leading initiatives, which have turned Kamoa-Kakula into the operation we had all hoped for when we started this journey. Mining remains a vital industry, and its role is only growing more important as we attempt to decarbonize our economies and electrify the world. We must still mine, but when we do, we must mine with a greater purpose."
Ivanhoe to host a conference call on the Kamoa-Kakula 2023 IDP
On January 31, 2023, Ivanhoe will host a conference call to discuss the findings of the updated 2023 IDP for the Kamoa-Kakula Copper Complex, as well as guidance for cash costs in 2023, and capital costs in 2023 and 2024 across the Kamoa-Kakula, Platreef and Kipushi projects.
The call will include a video update from the Kamoa-Kakula Copper Complex, as well as remarks from Ivanhoe's Co-Chairman Robert Friedland, President Marna Cloete, and members of the company's management team. It also will feature a question-and-answer session.
DATE: Tuesday, January 31, 2023
TIME: 10:30 am Eastern / 7:30 am Pacific / 3:30 pm London
LINK: https://app.webinar.net/Xxn3K9eK9Ap
A recording of the call, together with supporting presentation slides, will be made available on Ivanhoe Mines’ website at www.ivanhoemines.com.
The Kamoa-Kakula 2023 IDP encompasses two studies:
- Kamoa-Kakula 2023 PFS (Phase 3 and 4 expansion): a staged increase in nameplate production up to a total of 19.2 Mtpa, over a 33-year mine life. The first stage is the debottlenecking of the operational Phase 1 and Phase 2 concentrators from the current nameplate capacity of 7.6 Mtpa up to 9.2 Mtpa by Q2 2023. The Phase 1 and 2 concentrators will process ore initially from the Kakula Mine, which is being expanded to meet this capacity, and then supported by the Kakula West Mine from 2029. This will be followed by the construction of the 5.0 Mtpa Phase 3 concentrator, which is on target to be commissioned in Q4 2024. This concentrator will be fed with ore from the existing Kansoko Sud Mine, as well as new mines under development known as Kamoa 1 and 2. Phase 3 is planned to coincide with the commissioning of a DBF flash copper smelter capable of producing 500,000 tonnes per annum of copper in the form of 99+% anode or blister. In addition, the smelter will produce 650,000 to 800,000 tonnes per annum of high-strength sulphuric acid for sale in the domestic DRC market. The final stage is Phase 4, an additional 5.0 Mtpa concentrator which will take the total processing capacity up to 19.2 Mtpa fed by an expansion of the Kamoa mines. Kamoa and Kakula will supply a blend of copper concentrate for the smelter, as the ore reserve grade tapers over time. The Kamoa-Kakula 2023 PFS case yields an after-tax NPV8% of $19.1 billion at a long-term copper price of $3.70/lb.
- Kamoa-Kakula 2023 PEA (Life-of-mine extension case): a nine-year mine life extension of the Kamoa-Kakula Copper Complex, in addition to the Kamoa-Kakula 2023 PFS. This case includes the addition of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) to maintain the overall production rate of up to 19.2 Mtpa. The Kamoa-Kakula 2023 PEA case yields an after-tax NPV8% of $20.2 billion. The Kamoa-Kakula PEA is preliminary and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.
The Kamoa-Kakula 2023 PFS and Kamoa-Kakula 2023 PEA were independently prepared by OreWin Pty Ltd. of Adelaide, Australia; China Nerin Engineering Co., Ltd., of Jiangxi, China; DRA Global of Johannesburg, South Africa; Epoch Resources of Johannesburg, South Africa; Golder Associates Africa of Midrand, South Africa; Metso-Outotec Oyj of Helsinki, Finland; Paterson and Cooke of Cape Town, South Africa; SRK Consulting Inc. of Johannesburg, South Africa; and MSA Group of Johannesburg, South Africa
A National Instrument 43-101 technical report will be filed on SEDAR at www.sedar.com and the Ivanhoe Mines website at www.ivanhoemines.com within 45 days of the issuance of this news release.
Figure 2: Kamoa-Kakula 2023 IDP life-of-mine development plan by deposit
Figure by OreWin, 2023.
Phases 1 and 2 approaching full capacity with de-bottlenecking program over 90% complete; delivering increased copper production and operating cash flow to fund Phase 3 and 4 expansions
The Kamoa-Kakula Copper Complex’s Phase 1 concentrator began producing copper in May 2021 and achieved commercial production ahead of schedule in July 2021. The Phase 2 concentrator, which doubled nameplate production capacity, was also commissioned several months ahead of schedule in April 2022.
In late February 2022, the Company announced that Kamoa Copper approved a debottlenecking plan to increase the combined design processing capacity of the Phase 1 and Phase 2 concentrator plants by approximately 21%, from 7.6 Mtpa to 9.2 Mtpa. As of early January 2023, the debottlenecking program was over 90% complete.
To meet the expanded plant capacity of Phase 1 and 2, the Kakula Mine and associated material-handling capacity is undergoing an expansion which will enable an increased mining rate of between 8 Mtpa and 9 Mtpa. Together with existing stockpiled material at Kakula, this will provide the feed for the Phase 1 and Phase 2 debottlenecked concentrators at a throughput rate of 9.2 Mtpa. As of the end of December 2022, Kakula’s surface ore stockpiles totalled approximately 3.01 million tonnes at an estimated grade of 4.2% copper, containing over 126,000 tonnes of copper. The long-term development plan for Kamoa-Kakula can be seen in Figure 2, as well as a plan showing all the deposits in the Kamoa-Kakula 2023 IDP shown in Figure 3.
As the Kakula stockpiles near depletion, high-grade ore fed into the Phase 1 and Phase 2 concentrators from Kakula Mine will be supplemented with ore from a new underground mine at Kakula West, as shown in Figure 2.
Figure 3: Overview of deposits included within the Kamoa-Kakula 2023 PFS (outlined in blue) and Kamoa-Kakula 2023 PEA (outlined in green)
Figure by OreWin, 2023.
Kamoa-Kakula produced 333,497 tonnes of copper in concentrate in 2022, achieving the upper end of its original 2022 production guidance range of 290,000 to 340,000 tonnes. Kamoa-Kakula’s 2022 production achievement represents a year-over-year increase of 215%. Kamoa-Kakula’s 2023 guidance range for production and cash costs is provided below.
Kamoa Copper Managing Director, Riaan Vermeulen added: “This study demonstrates why Kamoa-Kakula is the world’s fastest-growing copper mine, and will surely be among the leading mining operations globally for years to come. The fantastic team we have at Kamoa Copper is committed wholeheartedly to executing this plan, as we did so successfully with Phases 1 and 2.
“Whilst operating Phase 1 and 2 and seeking to improve on operational efficiencies, we are progressing well with the major construction activities for the Phase 3 expansion. We still have a lot to learn about this mine as we execute, and so we are focused on opening up the orebody in advance by prioritizing the development of the panel access drifts to increase readily available ore reserves for stoping. This will not only lower production risk in the long term but also greatly improve our orebody knowledge, especially around reef geometry, ground conditions and water management. We are in the very early stages of the development of several new underground orebodies in the Kamoa area, and the operating knowledge we gain daily will feed into continuing improving plans and projections, adapting the mining to best suit the conditions as we progress.”
The construction of a new concentrate thickener nears completion as part of the debottlenecking program. Once complete, the Phase 1 and 2 concentrators are expected to reach a combined processing capacity of 9.2 million tonnes per annum
| |
Contained copper in concentrate (tonnes) | 390,000 - 430,000 |
Cash cost (C1) ($ per pound of payable copper) | 1.40 – 1.50 |
All figures are on a 100%-project basis and metal reported in concentrate is before refining losses or payability deductions associated with smelter terms.
Kamoa-Kakula’s 2023 guidance is based on several assumptions and estimates as of December 31, 2022. Guidance involves estimates of known and unknown risks, uncertainties and other factors that may cause the actual results to differ materially.
Production guidance is based on assumptions about the timing for the completion of the debottlenecking program, among other things.
Cash cost (C1) guidance factors in an increase in the grid power tariff supplied by DRC state-owned utility, Société Nationale d'Electricité (SNEL), which was increased from approximately $0.06 per kilowatt-hour (kWh) to $0.10 per kWh from December 2022. This marks the first increase by the predominantly hydro-powered grid in over 10 years. Kamoa-Kakula’s energy subsidiary continues to receive a 40% rebate on the power invoices payable, which repays the loan made to SNEL to rehabilitate state-owned hydropower infrastructure assets. Based upon the Kamoa-Kakula 2023 PFS, the loan is anticipated to be amortized over approximately 9 years.
Cash cost (C1) guidance is based on assumptions including, among other things, prevailing logistics costs based on estimated regional trucking capacity, particularly as idled operations may come online, as well as increased benchmark treatment and refining charges, and inflation in consumables and other inputs.
Cash cost (C1) per pound of payable copper for Q3 2022 was $1.43/lb. and $1.38/lb. for the nine months ended September 30, 2022, with the cost of sales per pound of payable copper sold for the same periods being $1.05/lb. and $1.09/lb. respectively.
C1 cash cost is a non-GAAP measure used by management to evaluate operating performance and includes all direct mining, processing, stockpile rehandling charges, and general and administrative costs. Smelter charges and freight deductions on sales to the final port of destination (typically China), which are recognized as a component of sales revenues, are added to C1 cash cost to arrive at an approximate cost of delivered finished metal.
For historical comparatives see the Non-GAAP Financial Performance Measures section of this news release. Please also see the Management’s Discussion and Analysis for the three and nine months that ended September 30, 2022, for a discussion of non-GAAP measures. All figures in the above table are on a 100%-project basis.
Figure 4: Plan view of the Kakula site layout, with the direct-to-blister smelter to be constructed adjacent to the existing Kakula Phase 1 and 2 concentrators
Phase 3 expansion to increase average annual production to 620,000 tonnes of copper over the next ten years, with annual EBITDA of over $3 billion
Kamoa-Kakula's Phase 3 expansion is expected to increase annualized copper production to an average of approximately 620,000 tonnes per year over the next ten years, which will position Kamoa Copper as the world’s fourth largest copper mining complex (Figure 5), and the largest copper mine on the African continent. With an average grade of 4.9% over the next ten years, the project generates over $3 billion in EBITDA per year, based on consensus commodity prices, a significant increase from Phase 1 and 2.
Figure 5: World’s projected top 10 copper mines in 2025, by key metrics
Note: Kamoa-Kakula production and grade are based on average paid copper production and average copper feed grade during the first 10 years as detailed in the Kamoa-Kakula 2023 PFS. The ‘Copper Head Grade’ for the projects benchmarked by Wood Mackenzie reflects the average reserve grade.
Source: Wood Mackenzie (based on public disclosure, the Kamoa-Kakula 2023 PFS has not been reviewed by Wood Mackenzie).
Phase 3 includes a new 5.0-Mtpa concentrator that is located approximately 10 kilometres (km) north of the Phase 1 and 2 concentrators, as shown in Figure 6. The design of the concentrator is similar to that of the existing Phase 1 and 2 concentrators, albeit with an enlarged capacity. Based on extensive metallurgical test work, the Kamoa concentrator is expected to achieve an overall recovery of 87%, producing a concentrate at an average grade of 37% copper. The Kamoa deposits, like that of Kakula, also benefit from having very low deleterious elements, including arsenic levels of 0.02%.
The Phase 3 concentrator will be fed by ore from the existing adjacent underground mining operation at Kansoko Sud (formerly referred to as Kansoko), as well as two new underground mining operations, Kamoa 1 and Kamoa 2, which are currently under development.
Figure 6: Plan view of Kamoa site layout, including Phase 3 concentrator and infrastructure, with Kamoa 1, 2 and Kansoko Sud mines
Mining activities at Kansoko Sud have been ongoing since November 2020, in preparation for the Phase 3 expansion. Approximately 1.06 million tonnes of development ore are stockpiled on surface, near the Phase 3 concentrator site. It consists of an estimated grade of 3.6% copper,for a total of over 38,000 tonnes of contained copper, as of December 2022. This is in addition to the 126,000 tonnes of contained copper stockpiled at Kakula.
The Kamoa 1 and Kamoa 2 mines share a single box cut with twin declines (service portal and conveyor). Construction of the declines is well advanced, with over 1,512 metres of development completed to date. Underground mining activities are expected to commence at Kamoa 1 this year and Kamoa 2 in 2025, which will both involve the same mechanized drift-and-fill mining methods employed at Kakula.
The box cut accessing both the Kamoa 1 and 2 mines is now complete. From here, ore will be conveyed to surface from both mines to the adjacent Phase 3 concentrator site, which is currently under construction (in the background of the picture)
On the surface, earthworks for the Phase 3 concentrator plant and associated infrastructure are well advanced with civil works advancing on schedule. Equipment fabrication is also ongoing. Tenders for structural steel supply have been received and are in the process of being adjudicated.
Other surface infrastructures to support Phase 3 operations include a dedicated 220-kilovolt (kV) substation at Kamoa, a new backfill plant, an expansion to the existing Kamoa camp and a new camp adjacent to the smelter (total of over 2,500 beds), and an expansion to the existing Kakula tailings storage facility (TSF).
Civil construction work for the mill and flotation structures continues at Kamoa-Kakula's Phase 3 concentrator site. The Phase 3 concentrator is located approximately 10km north of the Phase 1 and 2 concentrators, adjacent to the Kamoa 1 and 2 mines
Phase 3 includes the world’s largest direct-to-blister flash smelter, which is expected to bring transformative operating cost, logistics and environmental benefits, and produce ‘green copper’ blister anode
Kamoa-Kakula’s Phase 3 expansion also includes a DBF flash smelter that will incorporate leading-edge technology supplied by Metso Outotec of Espoo, Finland. It is projected to be one of the largest, single-line copper flash smelters in the world, and the largest in Africa, with a production capacity of 500,000 tonnes per annum of blister copper anodes. The 100-hectare smelter complex is being constructed adjacent to the Phase 1 and Phase 2 concentrator plants and is designed to meet the International Finance Corporation’s (IFC) emissions standards.
A 3D rendering of the smelter building, with the acid plant in the background. With a production capacity of 500,000 tonnes per annum of approximately 99% pure blister copper, it will be the largest single-line flash copper smelter in Africa
The smelter will have a processing capacity of approximately 1.2 Mtpa of concentrate feed and is designed to run on a blend of concentrate produced from the Kakula and Kamoa concentrators.
Under the Kamoa-Kakula 2023 PFS, the smelter is projected to accommodate approximately 80% of Kamoa-Kakula's total concentrate production, including Phase 3 and later Phase 4. Kamoa-Kakula will also continue to toll-treat concentrates under a 10-year agreement with the Lualaba Copper Smelter, located approximately 50 kilometres from Kamoa-Kakula, near the town of Kolwezi, which is expected to account for approximately 150,000 tonnes of copper concentrate annually.
Concentrate production above in-country smelter capacity will continue to be exported, together with blister copper anodes (99+% purity) from the smelter.
As a by-product, the smelter will also produce in the region of 650,000 to 800,000 tonnes per year of high-strength sulphuric acid. There is a strong demand for sulphuric acid in the DRC to recover copper from oxide ores via SX-EW (solvent extraction and electrowinning). The DRC market consumes approximately 1.3 to 1.4 million tonnes of acid per year, much of which is imported by regional consumers as sulphur and burned in acid plants to produce sulphuric acid. The DRC also imports sulphuric acid directly, primarily from Zambia. Spot prices for sulphuric acid in Kolwezi have recently reached as high as $600 per tonne.
Aerial view of construction activities at the new Phase 3 smelter site, with Phase 1 & 2’s recently expanded concentrate storage and dispatch facility in the foreground (blue roof)
The on-site smelter offers transformative financial benefits for the Kamoa-Kakula Copper Complex, most notably of which is a material reduction in logistics costs, and to a lesser extent reduced concentrate treatment charges and local taxes, as well as revenue from the acid sales. Logistics costs alone accounted for 36% of Kamoa-Kakula’s total cash costs (C1) during the first nine months of 2022, and the volume of shipments per unit of copper will be more than halved by selling 99+%-pure blister copper anodes instead of copper concentrate. According to the Kamoa-Kakula 2023 PFS, smelter commissioning is expected to drive a decrease in average cash costs (C1) over the first five years (from 2025) to approximately $1.15/lb. of copper, a 21% reduction from the midpoint of the 2023 guidance of $1.45/lb. of payable copper produced.
Kamoa Copper, which today is among the world’s lowest greenhouse gas emitters per unit of copper metal produced, is undertaking further studies to calculate the impact of the smelter on Kamoa-Kakula’s Scope 1, 2 and 3 emissions. This is expected to demonstrate a significant, further positive impact on the operational carbon footprint per unit of copper production given the reduction in transportation volumes, and running a state-of-the-art smelting facility on hydropower.
Foundation work for the direct-to-blister and electric slag cleaning furnaces continues on schedule at the Kamoa-Kakula smelter site
All terracing earthworks for the smelter complex were completed in 2022 and the civil construction is now well advanced with all piling complete and foundations for the DBF flash smelting furnace and downstream electric slag cleaning furnace nearing completion. The erection of structural steel and the DBF furnace is due to start in March 2023. The first batch of DBF furnace steel arrived on site in January 2023. All major equipment has been ordered and is now being manufactured, while construction is on schedule to commission the smelter by the end of 2024.
Kamoa Copper is also considering the construction of a downstream electro-refinery in future to produce up to 500,000 tonnes of cathode per year, which will allow Kamoa-Kakula to deliver responsibly-produced LME-grade copper to market and end-consumers. Engineering work has been undertaken on the refinery, but it is not included within the scope of the Kamoa-Kakula 2023 IDP.
Figure 7: 2025 C1 pro-rata copper cash costs (includes mining, processing, smelting, logistics and offsite realization costs), US$/lb.
Note: Represents C1 pro-rata cash costs that reflect the direct cash costs of producing paid copper incorporating mining, processing, mine-site G&A and offsite realization costs, having made appropriate allowance for the costs associated with the co-product revenue streams. Kakula is based on the average C1 cash cost during the first 10 years as detailed in the Kamoa-Kakula 2023 PFS.
Source: Wood Mackenzie, 2023 (based on public disclosure, the Kamoa-Kakula 2023 PFS has not been
reviewed by Wood Mackenzie).
Phase 4 expansion is expected to sustain Kamoa-Kakula production as one of the world’s top four largest copper mines
Phase 4 involves a second 5.0-Mtpa concentrator expansion, positioned adjacent to the Phase 3 concentrator at Kamoa. This will increase the total processing capacity from the Kamoa-Kakula Copper Complex to 19.2 Mtpa. In the Kamoa-Kakula 2023 PFS, the expansion is planned to occur in 2030, after five years of operating Phase 3 at 14.2 Mtpa steady-state. This expansion may be accelerated depending on market conditions and the availability of sufficient power.
The Phase 4 expansion will allow the Kamoa-Kakula Copper Complex to maintain copper production of over 600,000 tonnes per year for an additional 10 years supplemented with ore from Kakula West and the Kamoa mines, once the highest-grade areas at Kakula are mined out.
The 5.0-Mtpa Phase 4 concentrator plant at Kamoa will be based on the same design as the adjacent Phase 3 concentrator. Similar to the Phase 1 and 2 concentrators, Phase 3 and 4 will share certain common infrastructure, including the primary crushing and screening, and some surface facilities, allowing for a capital-efficient expansion. Where feasible, this infrastructure will be built during Phase 3, which is the reason for the reduced capital expenditure estimate of Phase 4 compared with Phase 3. Following the Phase 4 expansion, a new TSF (Mupenda) located near the Kamoa mining areas will be brought online by 2040 to support continued underground mining activities once Kakula TSF cells 1-3 are near-capacity.
To support the total Kamoa milling requirements of 10.0 Mtpa, mining activities at Kamoa 1 will ramp up to 6 Mtpa, and Kansoko Sud and Kamoa 2 will initially provide the balance of the required throughput.
The Kamoa-Kakula 2023 PFS, which includes the Phase 3 and 4 expansions, has a net present value of approximately $19.1 billion, based on an 8% discount rate and a long-term copper price of $3.70/lb.
Figure 8: Kamoa-Kakula 2023 PFS after-tax NPV8% at different long-term copper prices (US$ billions)
Note: The copper price used in the economic analysis is $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onward. Assumes an 8% discount rate.
The Kamoa-Kakula 2023 PFS has an average feed grade of 4.9% copper during the first 10 years of operations, resulting in estimated average annual copper production of 620,000 tonnes. Following the commissioning of Phase 4 in 2030, Kamoa-Kakula is expected to have approximately 18 years of steady-state copper production at an annual copper production rate exceeding 500,000 tonnes of copper in concentrate, as shown in Figure 9.
Figure 9: Kamoa-Kakula 2023 PFS life-of-mine copper in concentrate production by deposit
Figure by OreWin, 2023
Life-of-mine extension case reaffirms the multi-generational potential of the Kamoa-Kakula Copper Complex
The Kamoa-Kakula 2023 PEA shows the potential life-of-mine extension case of the Kamoa-Kakula Copper Complex producing an additional 4.8 million tonnes of contained copper in concentrate from four additional mines located to the north of the Kamoa-Kakula Copper Complex (Kamoa 3, 4, 5 and 6). These new underground mines will be developed sequentially and ramped up as required to maintain an overall production rate of up to 19.2 Mtpa for an additional 9 years – beyond the 33-year mine life as set out in the Kamoa-Kakula 2023 PFS. Ore mined from the Kamoa mines will continue to fill the 10.0 Mtpa processing capacity at the Kamoa Phase 3 and 4 concentrators, while also being conveyed to Kakula to fill the 9.2 Mtpa processing capacity of the Phase 1 and 2 concentrators. See Figure 10.
The Kamoa-Kakula 2023 PEA is preliminary and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves – and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves
The Kamoa-Kakula 2023 PEA has an after-tax NPV, at an 8% discount rate of approximately $20.2 billion, based on a long-term copper price assumption of $3.70/lb.
Figure 10: Kamoa-Kakula 2023 PEA life-of-mine copper in concentrate production by deposit
Figure by OreWin, 2023
Ongoing rehabilitation of Turbine #5 at Inga II hydropower will provide clean, green hydropower for Phase 3
Like the existing Phase 1 and Phase 2 operations, future expansions of the Kamoa-Kakula Copper Complex will be powered by clean, renewable hydro-generated electricity which is developed in partnership with the DRC’s state-owned power company La Société Nationale d'Electricité (SNEL).
Rehabilitation work is ongoing at turbine #5 of the existing Inga II hydropower facility on the Congo River, to generate an additional 178 megawatts (MW) of renewable hydropower, which underpins the Phase 3 power requirement, including the smelter. The refurbishment is scheduled for completion in Q4 2024, to align with the commissioning of the Phase 3 concentrator and smelter.
Rehabilitation works at the Inga II facility are advancing well, with the team from lead-contractor Voith Hydro mobilized to the Inga II site since Q4 2022. Dismantling works on the existing alternator are ongoing, as well as fabrication of a new runner that is expected to be. Study work is also progressing well to upgrade the transmission capacity of the existing grid infrastructure between the Inga II hydropower facility and the Kamoa site.
Welding & assembly works at Voith Hydro’s facility in China. A new runner is being fabricated for turbine #5, which is expected to be delivered to the Inga II hydropower facility in early 2024
Kamoa Copper is evaluating similar refurbishment projects to support the power requirement of the Phase 4 expansion, which has been included in the capital expenditure estimate.
Further, Kamoa Copper is actively evaluating the installation of backup power capacity to maintain production during intermittent grid supply, including generators as well as renewable options, such as solar and hydro, together with battery storage.
Phase 3 and future expansion capital costs expected to be funded by operating cash flow, at current copper prices
The Kamoa-Kakula 2023 PFS estimates the remaining capital cost of $3.04 billion for the entire Phase 3 expansion, which excludes $255 million spent on Phase 3 through to December 2022. The remaining capital cost includes $906 million for the smelter and $84 million remaining to be spent (of a total of approximately $130 million) to rehabilitate the turbine (#5) of the Inga II facility on behalf of SNEL.
Of the remaining Phase 3 capital cost of $3.04 billion, approximately $2.53 billion will be spent in 2023 and 2024, up to the commissioning of the Phase 3 concentrator and other infrastructure. In parallel, the Phase 1 and 2 operations are anticipated to generate an average annual EBITDA of $2.0 billion, based on a copper price of $3.80/lb. in 2023 and $3.90/lb. in 2024, which will fund the expansion capital requirements. Kamoa Copper’s cash balance as at December 31, 2022, was $343 million. Short-term financing facilities at Kamoa Copper are planned to be arranged should a shortfall occur due to a significant decrease in copper prices.
The remaining Phase 3 capital cost incurred in 2025 and 2026 is related to the completion of the ramp-up of the underground mining operations to sustain a total production rate of 14.2 Mtpa.
The capital cost for the Phase 4 expansion is estimated at $1.55 billion. Phase 4 benefits from significant cost savings compared with the capital requirement for Phase 3, by sharing certain common infrastructure. Phase 4 capital includes $134 million for additional renewable power infrastructure in DRC and $84 million for a railway spur line from Kamoa-Kakula to the main railway line near Kolwezi.
The railway spur will connect the Kamoa-Kakula Copper Complex directly to the anticipated Lobito Corridor, which is a railway line connecting the Angolan port of Lobito to Zambia and the DRC. A consortium, including Trafigura Pte Ltd, of Geneva, Switzerland, was recently awarded a 30-year concession on the Angolan side. This new export route, once fully operational, is expected to significantly reduce in-land shipping distances and transit times to the ocean port of Lobito and will further reduce the carbon footprint of Kamoa-Kakula’s copper production.
On January 27, 2023, the governments of Angola, DRC and Zambia signed the Lobito Corridor Transit Transport Facilitation Agency Agreement (LCTTFA) in the Angolan capital Luanda. The tripartite LCTTFA is intended to coordinate the joint development activities of the Corridor and provide an alternative, strategic route to export markets for both Zambia and the DRC.
Sustaining capital costs in the Kamoa-Kakula 2023 PFS are estimated at $5.58 billion over the 33-year life of mine, equivalent to $169 million on average annually, which generally increases over time as capacity is enlarged.
A summary of the Phase 3 and Phase 4 capital cost estimate for the Kamoa-Kakula 2023 PFS is shown in Figure 11.
Figure 11: Kamoa-Kakula 2023 PFS Phase 3 & 4 total capital cost estimate
Note: Indirects include EPCM, owners’ costs and customs duties.
Kamoa-Kakula continues to empower local communities through sustainable development with the construction of the world-class Kamoa Centre of Excellence in the DRC
The Kamoa-Kakula Copper Complex plays an influential role in the region, supporting sustainable community development and improving the quality of life of the population within the mine’s area of influence. A thorough revision and update of both Kamoa-Kakula’s Environmental and Social Impact Assessment (ESIA) and Environmental and Social Management Plan (ESMP) was undertaken to assess, mitigate and manage any environmental and social risks, impacts and opportunities resulting from the Phase 3 expansion project. Consequently, an amended environmental authorization was obtained.
Although every effort is made to avoid resettlement of nearby communities, some economic and physical relocation was undertaken as a result of the ongoing Phase 3 expansion. Kamoa-Kakula’s economic and physical relocation activities are guided by international best practice, ensuring continuous consultation with project-affected stakeholders.
To achieve its vision for local employment, Kamoa-Kakula has established a world-class training centre to ensure the training, development and inclusion of local communities within its workforce, including women, who traditionally face barriers to entry within this sector in the DRC. Moreover, the Kamoa Centre of Excellence, a world-class facility, is being developed on the outskirts of Kolwezi to create a sustainable and community-centred higher learning environment in the heart of the Lualaba province on the DRC Copperbelt. While multiple expansion phases are planned to accommodate an array of departments, including sports facilities, the inaugural phase will commence in 2023 and offer a curriculum to approximately 40 students, geared towards the mining industry.
Significant investments have been made in educational and healthcare initiatives. Potable water is now available to over 90% of residents in the Kamoa-Kakula Copper Complex footprint area. The current community development plan, the statutory five-year Cahier des Charges, provides $8.6 million towards educational, healthcare, agricultural, potable water provision, and other initiatives.
Kamoa Copper staff handed over citrus trees to the community of Kaponda as part of the Livelihoods Restoration Program (LRP). The initiative is in place to ensure food security through agricultural activities.
SUMMARY OF THE KEY PROJECTIONS OF THE KAMOA-KAKULA 2023 PFS
- Phase 1 and 2 at steady-state production (9.2 Mtpa) for the first two years, following the completion of the debottlenecking program early in 2023, generating cash flow to fund the ongoing capital expenditures.
- Phase 3 expansion to 14.2 Mtpa processing capacity from late 2024 drives an increase in copper production, which is forecast to average 620,000 tonnes during the first ten years.
- Commissioning of the 500,000 tonne-per-annum smelter in conjunction with Phase 3 results in a significant improvement in operating cost.
- Significant period of cash flow generation in first five years following Phase 3 (2025 to 2029) with copper production averaging approximately 650,000 tonnes at a cash cost (C1) of $1.15/lb.
- Phase 4 expansion, ramping up 19.2 Mtpa production capacity after 2030, will allow sustained copper production of over 500,000 tonnes per year through 2047.
- The remaining Phase 3 capital cost, including contingency, is $3.04 billion, excluding $255 million already spent through December 2022. Of the $3.04 billion, $2.53 billion is spent during 2023 and 2024 up to the commissioning of the Phase 3 concentrator, with the remaining capital cost for the continuing ramp-up of the mining operations thereafter.
- After-tax NPV, at an 8% discount rate, of $19.1 billion and a mine life of 33 years.
Key results of the Kamoa-Kakula 2023 PFS are summarized in Tables 1, 2, 3, 4, 5, 6 and 7; and in Figures 12, 13 and 14.
Table 1: Kamoa-Kakula 2023 PFS Summary of Results
Item | Unit | Total |
Total Processed (Life of Mine) | ||
Ore Milled | kt | 476,195 |
Copper Feed Grade | % | 3.94 |
Total Concentrate Produced (Life of Mine) | ||
Copper Concentrate Produced | kt (dry) | 37,802 |
Copper Recovery | % | 86.62 |
Copper Concentrate Grade | % | 43.05 |
Contained Metal in Concentrate | Mlb | 35,875 |
Contained Metal in Concentrate | kt | 16,273 |
Annual Average (2023-2024)1 | ||
Ore Milled | kt | 9,106 |
Copper Feed Grade | % | 5.75 |
Copper Concentrate Produced | kt (dry) | 917 |
Contained Copper in Concentrate | Mlb | 1,004 |
Contained Copper in Concentrate | kt | 455 |
C1 Cash Cost | $/lb. payable Cu | 1.45 |
EBITDA | $M | 2,015 |
Annual Average (2025-2029) | ||
Ore Milled | kt | 14,194 |
Copper Feed Grade | % | 5.30 |
Copper Concentrate Produced | kt (dry) | 1,431 |
Contained Copper in Concentrate | Mlb | 1,442 |
Contained Copper in Concentrate | kt | 654 |
C1 Cash Cost | $/lb. payable Cu | 1.15 |
EBITDA | $M | 3,522 |
Annual Average (First 10 Years) | ||
Ore Milled | kt | 14,428 |
Copper Feed Grade | % | 4.94 |
Copper Concentrate Produced | kt (dry) | 1,379 |
Contained Copper in Concentrate | Mlb | 1,368 |
Contained Copper in Concentrate | kt | 620 |
C1 Cash Cost | $/lb. payable Cu | 1.22 |
EBITDA | $M | 3,151 |
Key Financial Results | ||
Remaining Phase 3 Capital Costs | $M | 3,037 |
Phase 4 Capital Costs Capital Costs | $M | 1,553 |
Sustaining Capital Costs | $M | 5,583 |
LOM Avg. C1 Cash Cost | $/lb. payable Cu | 1.31 |
LOM Avg. Total Cash Cost | $/lb. payable Cu | 1.52 |
LOM Avg. Site Operating Cost | $/t Milled | 72.75 |
After-Tax NPV8%2 | $M | 19,062 |
Project Life | Years | 33 |
- The 2023-2024 average includes approximately 20kt of copper in concentrate that is processed by the Phase 3 concentrator during the ramp-up period in 2024.
- The copper price used in the economic analysis is $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
Table 2: Kamoa-Kakula 2023 PFS Average Production and Processing Statistics
Item | Unit | 2023-20241 | 2025-2029 | First 10 Years | LOM Average |
Total Ore Processed | |||||
Quantity Milled | kt | 9,106 | 14,194 | 14,428 | 14,430 |
Copper Feed Grade | % | 5.75 | 5.30 | 4.94 | 3.94 |
Annual Concentrate Produced | |||||
Concentrate Produced | kt (dry) | 917 | 1,431 | 1,379 | 1,146 |
Recovery | % | 86.97 | 87.02 | 87.02 | 86.62 |
Concentrate Grade | % Cu | 49.67 | 45.70 | 45.01 | 43.05 |
Copper in Concentrate | |||||
Contained Copper | Mlb | 1,004 | 1,442 | 1,368 | 1,087 |
Contained Copper | kt | 455 | 654 | 620 | 493 |
Concentrate Smelted / Sold | |||||
Concentrate Smelted (Kamoa) | kt (dry) | – | 1,133 | 936 | 861 |
Concentrate Tolled (LCS) | kt (dry) | 134 | 134 | 134 | 120 |
Concentrate Sold | kt (dry) | 783 | 164 | 310 | 165 |
Payable Copper Sold | |||||
Blister Anodes (Kamoa) | kt | – | 496 | 396 | 353 |
Blister Copper (LCS) | kt | 64 | 65 | 63 | 55 |
Copper in Concentrate | kt | 376 | 80 | 147 | 75 |
Total Payable Copper Sold | |||||
Copper | Mlb | 971 | 1,411 | 1,336 | 1,064 |
Copper | kt | 440 | 640 | 606 | 483 |
- The 2023-2024 average includes approximately 20kt of copper in concentrate that is processed by the Phase 3 concentrator during the ramp-up period in 2024.
Figure 12: Kamoa-Kakula 2023 PFS Mill Feed and Grade Profile by Deposit
Figure by OreWin, 2023.
Figure 13: Kamoa-Kakula PFS Concentrate Smelted (Internal) by Area
Figure by OreWin, 2023.
Table 3: Kamoa-Kakula 2023 PFS Unit Operating Costs
$/lb. Payable Copper | |||
2023-2024 | 2025-2029 | First 10 Years | |
Mining | 0.41 | 0.44 | 0.47 |
Processing | 0.16 | 0.15 | 0.16 |
Smelter | – | 0.16 | 0.13 |
Logistics | 0.51 | 0.24 | 0.29 |
Treatment, Refining, Smelter charges | 0.24 | 0.12 | 0.14 |
General & Administration | 0.13 | 0.10 | 0.09 |
Sulphuric Acid Credits1 | – | -0.07 | -0.06 |
C1 Cash Cost | 1.45 | 1.15 | 1.22 |
Royalties & Export Tax | 0.29 | 0.21 | 0.22 |
Total Cash Cost | 1.74 | 1.36 | 1.44 |
Note: C1 cash costs in this table include the impact of accounting adjustments related to the addition or depletion of the surface stockpiles where applicable.
- Assumes a sulphuric acid price of $150 per tonne.
Table 4: Kamoa-Kakula 2023 PFS Revenue and Operating Costs
$M | $/t Milled | |||
LOM | 2023-2025 | 2025-2029 | First 10 Years | |
Revenue | ||||
Copper Production | 131,069 | 411 | 379 | 350 |
Acid Production | 2,618 | – | 7 | 6 |
Gross Sales Revenue | 133,687 | 411 | 386 | 356 |
Less: Realization Costs | ||||
Logistics | 9,053 | 55 | 24 | 27 |
TC, RC, Smelter Charges | 4,719 | 25 | 12 | 13 |
Royalties & Export Tax | 7,417 | 31 | 21 | 21 |
Total Realization Costs | 21,189 | 111 | 57 | 60 |
Net Sales Revenue | 112,498 | 300 | 329 | 296 |
Site Operating Costs | ||||
Mining | 19,380 | 48 | 40 | 42 |
Processing | 7,167 | 17 | 15 | 15 |
Smelter | 5,298 | – | 16 | 12 |
G&A | 2,800 | 14 | 10 | 9 |
Total | 34,644 | 79 | 81 | 78 |
EBITDA | 77,854 | 221 | 248 | 218 |
EBITDA Margin | 58.2% | 53.9% | 64.3% | 61.3% |
Note: The copper price used in the economic analysis is $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
Table 5: Kamoa-Kakula 2023 PFS Summary of Capital Expenditure by Area
Capital Expenditure | Phase 3 | Phase 4 | Sustaining | Total |
($M) | ($M) | ($M) | ($M) | |
Mining | 607 | 750 | 3,984 | 5,341 |
Underground Mining | 543 | 684 | 2,747 | 3,974 |
Mining Mobile Equipment | 63 | 66 | 1,238 | 1,367 |
Power & Smelter | 990 | 134 | 165 | 1,289 |
Smelter | 906 | – | 165 | 1,071 |
Power Infrastructure | 84 | 134 | – | 218 |
Concentrator & Tailings | 320 | 238 | 597 | 1,154 |
Process Plant | 262 | 238 | 193 | 693 |
Tailings | 57 | – | 404 | 461 |
Infrastructure | 662 | 182 | 220 | 1,064 |
General Surface Infrastructure | 662 | 98 | 150 | 910 |
Rail Spur | – | 84 | 70 | 154 |
Indirects | 302 | 185 | 340 | 826 |
EPCM | 127 | 141 | 5 | 273 |
Owners Cost | 83 | – | 15 | 98 |
Customs Duties | 92 | 44 | 175 | 311 |
Closure | – | – | 145 | 145 |
Capital Expenditure Before Contingency | 2,880 | 1,488 | 5,306 | 9,674 |
Contingency | 157 | 65 | 277 | 499 |
Capital Expenditure After Contingency | 3,037 | 1,553 | 5,583 | 10,173 |
Note: The remaining Phase 3 capital cost of $3,037 million includes approximately $2,529 million that will be spent in 2023 and 2024, before the commissioning of the Phase 3 concentrator and other infrastructure, and an additional $508 million incurred in 2025 and 2026 that is related to the completion of the ramp-up of the underground mining operations to sustain a total production rate of 14.2 Mtpa.
Table 6: Kamoa-Kakula 2023 PFS Net Present Value at Base Case and Spot Prices
After-tax Net Present Value (NPV) | Discount Rate (%) | Base Case Prices (1) ($M) | Spot Prices (2) ($M) |
Undiscounted | 47,969 | 59,854 | |
4.0% | 28,966 | 36,071 | |
6.0% | 23,272 | 28,970 | |
8.0% | 19,062 | 23,729 | |
10.0% | 15,884 | 19,780 | |
12.0% | 13,438 | 16,746 |
- Base case copper price assumptions are as follows: $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
- Spot copper price as at January 27, 2023, is US$4.24/lb. copper, which is assumed over the life of mine.
Table 7: Kamoa-Kakula 2023 PFS Copper Price Sensitivity
After-Tax NPV ($M) | Long-Term Copper Price - $/lb. | ||||||||
Discount Rate | 2.00 | 3.00 | 3.50 | 3.70 | 4.00 | 4.25 | 4.50 | 5.00 | 6.00 |
Undiscounted | 12,760 | 33,732 | 43,902 | 47,969 | 54,069 | 59,153 | 64,237 | 72,562 | 87,982 |
4.0% | 9,004 | 20,846 | 26,646 | 28,966 | 32,446 | 35,346 | 38,246 | 42,990 | 51,776 |
6.0% | 7,734 | 16,940 | 21,463 | 23,272 | 25,986 | 28,248 | 30,509 | 34,211 | 41,069 |
8.0% | 6,733 | 14,032 | 17,625 | 19,062 | 21,218 | 23,015 | 24,811 | 27,756 | 33,213 |
10.0% | 5,934 | 11,821 | 14,723 | 15,884 | 17,626 | 19,077 | 20,528 | 22,910 | 27,328 |
12.0% | 5,285 | 10,107 | 12,486 | 13,438 | 14,865 | 16,055 | 17,244 | 19,201 | 22,833 |
15.0% | 4,519 | 8,183 | 9,992 | 10,715 | 11,800 | 12,704 | 13,609 | 15,101 | 17,875 |
- Note: The copper price used in the economic analysis is $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
Figure 14: Kamoa-Kakula 2023 PFS Projected Cash Flow (After-Tax)
Figure by OreWin, 2023.
Kamoa-Kakula 2022 Mineral Resource
The Kamoa-Kakula 2022 Mineral Resource estimate was prepared by George Gilchrist, Ivanhoe Mines’ Vice President, Resources, under the direction of Jeremy Witley, Pr.Sci.Nat, of the MSA Group of Johannesburg, South Africa, and is reported per the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves. Mr. Witley is a Qualified Person for Mineral Resources. The effective date of the Mineral Resources is December 31, 2022, and the cut-off date for drill data is December 13, 2022, for the Kakula estimate and January 20, 2020, for the Kamoa estimate.
Ongoing infill drilling from the surface ahead of mining, and mapping and sampling of underground exposures have refined the geological interpretation and increased confidence in the geological and grade continuity in this area, allowing for the definition of a Measured Resource at Kakula for the first time, see Figure 15. The Measured and Indicated Mineral Resource, as well as the Inferred Mineral Resource for the Kamoa-Kakula Copper Complex are shown in Table 8.
Figure 15: Plan view of the Kakula Mineral Resource by classification
Existing underground development as at December 2022.
Figure 16: Plan View of the Kakula Underground Mine Layout, showing underground infrastructure and unexploited reserves (in red)
Table 8: Kamoa-Kakula Mineral Resources by deposit (at 1% total copper cut-off grade)
Deposit | Category | Tonnes (millions) | Area (Sq. km) | Copper Grade (%) | Contained Copper (kt) | Contained Copper (billion lbs.) |
Kamoa | Measured | - | - | - | - | - |
Indicated | 760 | 55.2 | 2.73 | 20,800 | 45.8 | |
Inferred | 235 | 21.8 | 1.70 | 4,010 | 8.8 | |
Kakula | Measured | 90 | 2.2 | 3.13 | 2,810 | 6.2 |
Indicated | 540 | 21.7 | 2.65 | 14,300 | 31.6 | |
Inferred | 75 | 5.5 | 1.60 | 1,200 | 2.6 | |
Total Project | Measured | 90 | 2.2 | 3.13 | 2,810 | 6.2 |
Indicated | 1,300 | 76.9 | 2.70 | 35,100 | 77.4 | |
Inferred | 310 | 27.3 | 1.68 | 5,210 | 11.5 |
Notes to accompany the total, combined Kamoa-Kakula Mineral Resource table:
- Ivanhoe’s Vice President, Resources, George Gilchrist, Professional Natural Scientist (Pr. Sci. Nat) with the South African Council for Natural Scientific Professions (SACNASP), estimated the Mineral Resources under the supervision of Jeremy Witley, Pr.Sci.Nat SACNASP, FGSSA. The cut-off date for drill data at Kamoa is 20 January 2020. The cut-off date for the drill data at Kakula is 20 July 2022, with the assay table updated as of 13 December 2022. On 31 December 2022, the Mineral Resource was depleted to account for annual production; the Mineral Resource has an effective date of 31 December 2022. Mineral Resources are reported using the CIM 2014 Definition Standards for Mineral Resources and Mineral Reserves. Mineral Resources are reported on a 100% basis. Ivanhoe holds an indirect 39.6% interest in the Project. Mineral Resources are reported inclusive of Mineral Reserves. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability.
- Mineral Resources are reported for Kamoa using a total copper (TCu) cut-off grade of 1% TCu and a minimum vertical thickness of 3m. There are reasonable prospects for eventual economic extraction under the following assumptions: copper price $4.00/lb; employment of underground mechanized drift-and-fill mining methods; copper blister and concentrates will be produced and sold; average metallurgical recovery is 87.5%; mining costs are assumed to be $38/t; concentrator, tailings treatment, and general and administrative costs are assumed to be $15/t; smelter, refining and transport costs are assumed to be $13.5/t of ore at the cut-off grade; royalty of 3.5%, export tax of 1% and concentrate tax of $100/t concentrate.
- Mineral Resources are reported for Kakula using a total copper (TCu) cut-off grade of 1% TCu and a minimum vertical thickness of 3 m. There are reasonable prospects for eventual economic extraction under the following assumptions: copper price $4.00/lb; employment of underground mechanized drift-and-fill mining methods, and that copper blister and concentrates will be produced and sold; average metallurgical recovery is 85.5%; mining costs are assumed to be $38/t; concentrator, tailings treatment, and general and administrative costs are assumed to be $15/t; smelter, refining and transport costs are assumed to be $9.5/t of ore at the cut-off grade; royalty of 3.5%, export tax of 1% and concentrate tax of $100/t concentrate.
- Reported Mineral Resources contain no allowances for hanging wall or footwall contact boundary loss and dilution. No mining recovery has been applied.
- Approximate drill hole spacings are 800m for Inferred Mineral Resources, 400m for Indicated Mineral Resources and 100m or underground exposure for Measured Mineral Resources.
- Rounding as required by reporting guidelines may result in apparent summation differences between tonnes, grade and contained metal content.
Figure 17: Map of the Kamoa-Kakula mining licence showing the Kakula and Kansoko mining areas, as well as Kakula West, Kamoa North, Kamoa Far North, Kamoa North Bonanza Zone and a portion of Ivanhoe’s adjacent, 90 to 100%-owned Western Foreland exploration licences
Kamoa-Kakula 2023 PFS Mineral Reserve
The Kamoa-Kakula 2023 PFS Mineral Reserve has been estimated by Qualified Person Curtis Smith AusIMM(CP), Principal Mining Engineer, OreWin Pty Ltd, using the 2014 CIM Definition Standards for Mineral Resources and Mineral Reserves to conform to the Canadian National Instrument 43-101 Standards of Disclosure for Mineral Projects. The total Mineral Reserve for the Kamoa-Kakula Copper Complex is shown in Table 9. The Mineral Reserve is based on the January 2020 Mineral Resource. The Mineral Reserve is entirely a Probable Mineral Reserve that was converted from Indicated Mineral Resources. The effective date of the Mineral Reserve statement is December 31, 2022. The Kamoa 2022 Mineral Resource estimate effective date December 31, 2022, was not completed in time to allow it to be included in the Kamoa-Kakula 2023 PFS.
Table 9: Kamoa-Kakula 2023 PFS Mineral Reserves by Deposit
Classification | Ore (Mt) | Copper (%) | Contained Copper (Mlb) | Contained Copper (kt) |
Proven Mineral Reserve | – | – | – | – |
Probable Mineral Reserve | 472 | 3.94 | 41,055 | 18,622 |
- Kakula | 138 | 4.79 | 14,580 | 6,613 |
- Kakula West | 90 | 3.87 | 7,647 | 3,469 |
- Kamoa 1 | 121 | 3.74 | 9,963 | 4,519 |
- Kansoko Sud | 38 | 3.70 | 3,088 | 1,401 |
- Kamoa 2 | 86 | 3.05 | 5,778 | 2,621 |
Total Mineral Reserve | 472 | 3.94 | 41,055 | 18,622 |
Notes to accompany Kamoa-Kakula 2023 PFS Mineral Reserve table
- The long-term copper price used for calculating the financial analysis is $3.70/lb. The analysis has been calculated with assumptions for an on-site smelter and excess concentrate sold to external smelters. Realization costs include refining and treatment charges, deductions and payment terms, blister and concentrate transport, metallurgical recoveries, and royalties.
- The increase in Mineral Reserves can be attributed to an increased height (7.5 m) of the second lift at Kakula, the redefining of mine boundaries at Kamoa, and the addition of Kakula West and Kamoa 2.
- For mine planning, the copper price used to calculate block model Net Smelter Return (NSRs) is $3.10/lb.
- The effective date of the Mineral Reserve statement is December 31, 2022. The Kamoa 2022 Mineral Resource estimate, effective date December 31, 2022, was not completed in time to allow it to be included in the Kamoa-Kakula 2023 PFS
- An elevated cut-off of $100.00/t NSR was used to define the stopping blocks. A marginal cut-off of $80.00/t NSR was used to define ore and waste.
- Indicated Mineral Resources were used to report Probable Mineral Reserves from the January 2020 Mineral Resource.
- Tonnage and grade estimates include dilution and recovery allowances.
- The Mineral Reserves reported above are not additive to the Mineral Resources.
Figure 18: Site layout of the Kamoa-Kakula Copper Complex showing scope areas within the of 2023 PFS and 2023 PEA
SUMMARY OF THE KEY PROJECTIONS OF THE KAMOA-KAKULA 2023 PEA
- Life-of-mine extension case shows the potential to maintain the production rate at up to 19.2 Mtpa for an additional 9 years beyond the 33 years in the Kamoa-Kakula 2023 PFS.
- Sequential ramp-up of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) providing an additional 181.2 Mt of feed to the Kamoa and Kakula concentrators at an average grade of 3.1% copper, producing an additional 4.8 Mt of contained copper in concentrate.
- After-tax NPV, at an 8% discount rate, of $2 billion and mine life of 42 years.
The Kamoa-Kakula 2023 PEA is preliminary and includes an economic analysis that is based, in part, on Inferred Mineral Resources. Inferred Mineral Resources are considered too speculative geologically for the application of economic considerations that would allow them to be categorized as Mineral Reserves – and there is no certainty that the results will be realized. Mineral Resources do not have demonstrated economic viability and are not Mineral Reserves.
Key results of the Kamoa-Kakula 2023 PEA are summarized in Tables 10, 11 and 12 and Figure 19.
Table 10: Kamoa-Kakula2023 PEA summary of results
Item | Unit | Total |
Total Processed (Life of Mine) | ||
Quantity Milled | kt | 657,428 |
Copper Feed Grade | % | 3.70 |
Total Concentrate Produced (Life of Mine) | ||
Copper Concentrate Produced | kt (dry) | 50,761 |
Copper Recovery | % | 86.45 |
Copper Concentrate Grade | % | 41.45 |
Contained Metal in Conc. | Mlb | 46,384 |
Contained Metal in Conc. | kt | 21,040 |
Key Financial Results | ||
Remaining Phase 3 Capital Costs | $M | 3,037 |
Phase 4 Capital Costs Capital Costs | $M | 1,553 |
Sustaining Capital Costs | $M | 8,858 |
LOM Avg. C1 Cash Cost | $/lb. Payable Cu | 1.32 |
LOM Avg. Total Cash Costs | $/lb. Payable Cu | 1.53 |
LOM Avg. Site Operating Costs | $/t Milled | 70.57 |
After-Tax NPV8% | $M | 20,224 |
Project Life | Years | 42 |
Note: the copper price used in the economic analysis is $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
Table 11: Kamoa-Kakula 2023 PEA financial results at base case and spot prices
After-tax Net present value (NPV) | Discount Rate (%) | Base Case Prices (1) ($M) | Spot Prices (2) ($M) |
Undiscounted | 60,760 | 76,343 | |
4.0% | 32,708 | 40,892 | |
6.0% | 25,342 | 31,638 | |
8.0% | 20,224 | 25,228 | |
10.0% | 16,544 | 20,634 | |
12.0% | 13,818 | 17,238 |
- Base case copper price assumptions are as follows: $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
- Spot copper price as at January 27, 2023, is US$4.24/lb. copper, which is assumed over the life of the mine.
Figure 19: Kamoa-Kakula 2023 PEA projected annual and cumulative cashflow
Figure by OreWin, 2023.
Table 12: Kamoa-Kakula 2023 PEA copper price sensitivity
After-Tax NPV ($M) | Long-Term Copper Price - $/lb. | ||||||||
Discount Rate | 2.00 | 3.00 | 3.50 | 3.70 | 4.00 | 4.25 | 4.50 | 5.00 | 6.00 |
Undiscounted | 13,765 | 41,731 | 55,323 | 60,760 | 68,915 | 75,710 | 82,506 | 93,703 | 114,500 |
4.0% | 9,315 | 23,190 | 29,989 | 32,708 | 36,787 | 40,187 | 43,586 | 49,149 | 59,451 |
6.0% | 7,902 | 18,235 | 23,312 | 25,342 | 28,388 | 30,927 | 33,465 | 37,616 | 45,301 |
8.0% | 6,822 | 14,756 | 18,661 | 20,224 | 22,567 | 24,520 | 26,472 | 29,667 | 35,583 |
10.0% | 5,980 | 12,231 | 15,312 | 16,544 | 18,393 | 19,934 | 21,474 | 23,998 | 28,675 |
12.0% | 5,308 | 10,342 | 12,825 | 13,818 | 15,308 | 16,549 | 17,791 | 19,829 | 23,609 |
15.0% | 4,526 | 8,287 | 10,143 | 10,885 | 11,998 | 12,926 | 13,854 | 15,383 | 18,223 |
Note: The copper price used in the economic analysis is $3.80/lb. in 2023, $3.90/lb. in 2024, $4.00/lb. in 2025, $4.00/lb. in 2026 and a long-term copper price of $3.70/lb. from 2027 onwards.
Non-GAAP Financial Performance Measures
Cash costs (C1) and cash costs (C1) per pound are non-GAAP financial measures. These are disclosed to enable investors to better understand the performance of the Kamoa-Kakula Copper Complex in comparison to other copper producers who present results on a similar basis. Cash costs (C1) are prepared on a basis consistent with the industry standard definitions by Wood Mackenzie cost guidelines but are not measures recognized under IFRS.
Below is a reconciliation of Kamoa-Kakula’s historical cost of sales to cash costs (C1), including on a per-pound basis:
Kamoa-Kakula Three months ended September 30, | Kamoa-Kakula Nine months ended September 30, | |
2022 | 2022 | |
$'000 | $'000 | |
Cost of sales | 216,233 | 556,715 |
Logistics, treatment and refining charges | 141,126 | 303,638 |
General and administrative expenditure | 21,476 | 61,209 |
Royalties and production taxes | (58,160) | (142,387) |
Depreciation | (31,023) | (78,716) |
Movement in finished goods inventory | 7,451 | 7,999 |
General and administrative expenses of other group entities | 1,224 | (1,078) |
C1 cash costs | 298,327 | 707,380 |
Cost of sales per pound of payable copper sold ($ per lb.) | 1.05 | 1.09 |
C1 cash costs per pound of payable copper produced ($ per lb.) | 1.43 | 1.38 |
All the figures above are on a 100% basis. See the Management’s Discussion and Analysis for the three and nine months ended September 30, 2022, for further discussion of non-GAAP measures.
Qualified persons
The following companies have undertaken work in preparation for the Kamoa-Kakula 2023 IDP which includes the Kamoa-Kakula 2023 PFS and the Kamoa-Kakula 2023 PEA:
- OreWin Pty Ltd. of Adelaide, Australia – Overall report preparation, Mining and Mineral Reserves, mining, logistics, and economic analysis.
- China Nerin Engineering Co. Ltd. of Jiangxi, China – Smelter design.
- DRA Global of Johannesburg, South Africa – Mine surface infrastructure and metallurgical processing.
- Epoch Resources of Johannesburg, South Africa – Tailings Storage Facility design.
- Golder Associates Africa of Midrand, South Africa – Hydrology models and recommendations.
- Outotec Oyj of Helsinki, Finland – Smelter technology.
- Paterson and Cooke of Cape Town, South Africa – Paste Backfill Plant design and Surface / Underground paste distribution system.
- SRK Consulting Inc. of Cape Town, South Africa – Mine geotechnical recommendations.
- MSA Group of Johannesburg, South Africa – Mineral Resource estimation.
The independent Qualified Persons responsible for preparing the Kamoa-Kakula 2023 PFS, and Kamoa-Kakula 2023 PEA, on which the technical report will be based, are Bernard Peters (OreWin); Jeremy Witley (MSA Group); Curtis Smith (OreWin); William Joughin (SRK); Marius Phillips (DRA Global); Alwyn Scholz (DRA Global); and Guy Wiid (Epoch). Each Qualified Person has reviewed and approved the information in this news release relevant to the portion of the Kamoa-Kakula 2023 PFS and Kamoa-Kakula 2023 PEA for which they are responsible.
Disclosures of a scientific or technical nature regarding the Kamoa-Kakula stockpiles in this news release have been reviewed and approved by George Gilchrist, who is considered, by virtue of his education, experience and professional association, a Qualified Person under the terms of NI 43-101. Mr. Gilchrist is not considered independent under NI 43- 101 as he is the Vice President, Resources, at Ivanhoe Mines. Mr. Gilchrist has verified the technical data regarding the Kamoa-Kakula stockpiles disclosed in this news release.
Wood Mackenzie of Edinburgh, Scotland, provided data based on public disclosure of comparable copper projects for the compilation of certain figures used in this release; however, Wood Mackenzie did not review the Kamoa-Kakula 2023 PFS or the Kamoa-Kakula 2023 PEA.
Data verification and quality control and assurance
Amec Foster Wheeler, a Wood company (Wood), reviewed the sample chain of custody, quality assurance and control procedures, and qualifications of analytical laboratories. Wood believes that the procedures and QA/QC control are acceptable to support Mineral Resource estimation. Wood also audited the assay database, core logging, and geological interpretations on several occasions between 2009 and 2020, and has found no material issues with the data because of these audits.
In the opinion of the Wood Qualified Persons, the data verification programs are undertaken on the data collected from the Kamoa-Kakula Copper Complex to support the geological interpretations. The analytical and database quality and the data collected can support Mineral Resource estimation.
Ivanhoe Mines maintains a comprehensive chain of custody and QA/QC program on assays from its Kamoa Kakula Copper Project. The half-sawn core is processed at its on-site preparation laboratory in Kamoa, prepared samples then are shipped by secure courier to Bureau Veritas Minerals (BVM) Laboratories in Australia, an ISO17025 accredited facility. Copper assays are determined at BVM by mixed-acid digestion with an ICP finish. Industry-standard certified reference materials and blanks are inserted into the sample stream before dispatch to BVM.
For detailed information about assay methods and data verification measures used to support the scientific and technical information, please refer to the Kamoa-Kakula 2020 Resource Update technical report dated March 27, 2020, available on the SEDAR profile of Ivanhoe Mines at www.sedar.com or under technical reports on the Ivanhoe Mines website at www.ivanhoemines.com.
About Ivanhoe Mines
Ivanhoe Mines is a Canadian mining company focused on advancing its three principal projects in Southern Africa; the expansion of the Kamoa-Kakula Copper Complex in the DRC, the construction of the tier-one Platreef palladium-rhodium-platinum-nickel-copper-gold project in South Africa; and the restart of the historic ultra-high-grade Kipushi zinc-copper-germanium-silver mine, also in the DRC.
Ivanhoe Mines is also exploring for new copper discoveries across its circa 2,400km2 of 90-100% owned exploration licences in the Western Foreland, which are located adjacent to, or in close proximity to, the Kamoa-Kakula Copper Complex in the DRC.
Information contact
Follow Robert Friedland (@robert_ivanhoe) and Ivanhoe Mines (@IvanhoeMines_) on Twitter.
Investors
Vancouver: Matthew Keevil +1.604.558.1034
London: Tommy Horton +44 7866 913 207
Media
Tanya Todd +1.604.331.9834
Website www.ivanhoemines.com
Forward-looking statements
Certain statements in this release constitute “forward-looking statements” or “forward-looking information” within the meaning of applicable securities laws. Such statements and information involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company, its projects, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements or information. Such statements can be identified using words such as “may”, “would”, “could”, “will”, “intend”, “expect”, “believe”, “plan”, “anticipate”, “estimate”, “scheduled”, “forecast”, “predict” and other similar terminology, or state that certain actions, events, or results “may”, “could”, “would”, “might” or “will” be taken, occur or be achieved. These statements reflect the company’s current expectations regarding future events, performance and results and speak only as of the date of this release.
Such statements include without limitation, the timing and results of: (i) Statements regarding Phase 3 expansion, to be completed in 2024, increases Kamoa-Kakula’s annual copper production to a ten-year average of 620,000 tonnes of copper, at cash costs (C1) of $1.22/lb; (ii) Statements regarding the expansion to 19.2 Mtpa in PFS case yields after-tax NPV8% of $19.1 billion, over a 33-year mine life; (iii) Statements regarding $20.2 billion after tax NPV8% in the 42-year PEA life-of-mine case; (iv) Statements regarding Kamoa-Kakula 500,000 tonnes-per-annum smelter completion late 2024; brings operating cost reductions and environmental benefits, producing ultra-low carbon 99+% copper blister anodes; (v) Statements regarding Kamoa-Kakula to rank as the 4th largest copper producer globally in 2025, with lowest-quartile cash costs; (vi) Statements regarding Mineral Reserves tonnage increased by 101% to 472 million tonnes; (vii)Statements regarding Kamoa-Kakula generates powerful cash flow to fund expansions, with an average annual EBITDA of over $3 billion for the first 10 years; (viii) Statements regarding Phase 3 and 4 expansions deliver significant blessings to all Kamoa-Kakula stakeholders, including host communities, 12,000+ employees and contractors, as well as the DRC as a major 20% shareholder; (ix) Statements regarding PFS evaluates a staged increase in production capacity at Kamoa-Kakula from the current nominal throughput rate of 7.6 million tonnes per annum (Mtpa) up to a total of 19.2 Mtpa by 2030.; (x) Statements regarding the throughput of the Phase 1 and 2 concentrators will be increased to 9.2 Mtpa by the imminent completion of the debottlenecking program.; (xi) Statements regarding Phase 3 includes the ongoing construction of a new 5.0 Mtpa concentrator, located at Kamoa, which is targeted to be completed in Q4 2024.; (xii) Statements regarding as part of the Phase 3 expansion, a direct-to-blister (DBF) flash smelter is under construction to produce approximately 500,000 tonnes of 99+% pure copper metal, and the replacement of Turbine #5 at the Inga II hydroelectric power station; (xiii) Statements regarding the #5 turbine replacement will supply an additional 178 megawatts (MW) of clean hydroelectric power to the national grid and provide power for Phase 3.; (xiv) Statements regarding Phase 4, planned for later in the decade, includes the construction of an additional 5.0 Mtpa concentrator in parallel to Phase 3, which will be fed by mines in the Kamoa area, bringing overall production up to 19.2 Mtpa.; (xv) Statements regarding the Kamoa-Kakula 2023 PEA evaluates a further 9-year extension to mine life, from 4 additional mines, maintaining production from the Phase 1 – 4 concentrators until beyond 2060.; (xvi) Statements regarding the world-class economic results confirm Kamoa-Kakula’s position as one of the world’s largest, ultra-green and lowest-cost producers, which will be a world leader in the empowerment of women and the development of Congolese youth for many decades to come; (xvii) Statements regarding Kamoa-Kakula is one of the world's largest, highest-grade copper complexes, and a major economic engine that generates leading returns on capital and exceptional free cash flow; (xviii) Statements regarding the Kamoa centre of excellences will create a sustainable and community-focused higher learning environment, offering international degrees and diplomas in the heart of the Lualaba province in the DRC.; (xix) Statements regarding the construction of the Direct-to-Blister copper smelter will be completed in Q4 2024.; (xx) Statements regarding the Phase 1 and 2 concentrators will process ore initially from the Kakula Mine, which is being expanded to meet this capacity, and then supported by the Kakula West Mine from 2029; (xxi) Statements regarding the Phase 3 concentrator will be fed with ore from the existing Kansoko Sud Mine, as well as new mines under development known as Kamoa 1 and 2.; (xxii) Statements regarding the smelter will produce 650,000 to 800,000 tonnes per annum of high-strength sulphuric acid for sale in the domestic DRC market; (xxiii) Statements regarding the two 5.0 Mtpa concentrators (Phase 3 and Phase 4) will be fed from a series of new underground mines in the Kamoa area.; (xxiv) Statements regarding the PEA presents a 9 year life-of-mine extension case of the Kamoa-Kakula Copper Complex, in addition to the PFS.; (xxv) Statements regarding the PEA includes the addition of four new underground mines in the Kamoa area (called Kamoa 3, Kamoa 4, Kamoa 5 and Kamoa 6) to maintain the overall production rate of up to 19.2 Mtpa.; (xxvi)Statements regarding Phases 1 and 2 concentrators are approaching full capacity with de-bottlenecking program over 90% complete that is delivering increased copper production and operating cash flow to fund Phase 3 and 4 expansions; (xxvii) Statements regarding the Kakula Mine and associated material-handling capacity is undergoing an expansion that will enable an increased mining rate of between 8 Mtpa and 9 Mtpa, and together with existing stockpiled material at Kakula, this will provide the feed for the Phase 1 and Phase 2 debottlenecked concentrators at a throughput rate of 9.2 Mtpa; (xxviii) Statements regarding the 2023 IDP demonstrates why Kamoa-Kakula is the world’s fastest-growing copper mine, and will surely be among the leading mining operations globally for years to come; (xxix) Statements regarding based upon the Kamoa-Kakula 2023 PFS, the loan to Société Nationale d'Electricité for the Inga II refurbishment is anticipated to be amortized over approximately 9 years.; (xxx) Statements regarding 2023 contained copper in concentrate guidance of 390,000 - 430,000 tonnes; (xxxi)Statements regarding 2023 Cash cost (C1) guidance of 1.40 – 1.50 US$ per pound of payable copper; (xxxii) Statements regarding by 2025, Kamoa Copper will be the world’s fourth largest copper mining complex, and the largest copper mine on the African continent. ; (xxxiii) Statements regarding wWith an average feed grade of 4.9% over the next ten years, the project generates over $3 billion in EBITDA per year, based on consensus commodity prices, a significant increase from Phase 1 and 2.; (xxxiv) Statements regarding bsed on extensive metallurgical test work, the Kamoa concentrator is expected to achieve an overall recovery of 87%, producing a concentrate at an average grade of 37% copper. ; (xxxv) Statements regarding the Kamoa deposits, like that of Kakula, also benefit from having very low deleterious elements, including arsenic levels of 0.02%.; (xxxvi) Statements regarding the Phase 3 concentrator will be fed by ore from the existing adjacent underground mining operation at Kansoko Sud (formerly referred to as Kansoko), as well as two new underground mining operations, Kamoa 1 and Kamoa 2, which are currently under development.; (xxxvii) Statements regarding underground mining activities are expected to commence at Kamoa 1 this year and Kamoa 2 in 2025, which will both involve the same mechanized drift-and-fill mining methods employed at Kakula.; (xxxviii) Statements regarding earthworks for the Phase 3 concentrator plant and associated infrastructure are well advanced with civil works advancing on schedule.; (xxxix) Statements regarding the smelter will incorporate leading-edge technology supplied by Metso Outotec of Espoo, Finland.; (xl) Statements regarding the smelter is projected to be one of the largest, single-line copper flash smelters in the world, and the largest in Africa; (xli)Statements regarding the smelter will have a processing capacity of approximately 1.2 Mtpa of concentrate feed and is designed to run on a blend of concentrate produced from the Kakula and Kamoa concentrators.; (xlii) Statements regarding the smelter is projected to accommodate approximately 80% of Kamoa-Kakula's total concentrate production, including Phase 3 and later Phase 4.; (xliii) Statements regarding Kamoa-Kakula will also continue to toll-treat concentrates under a 10-year agreement with the Lualaba Copper Smelter, and account for approximately 150,000 tonnes of copper concentrate annually; (xliv) Statements regarding Concentrate production above in-country smelter capacity will continue to be exported; (xlv) Statements regarding there is a strong demand for sulphuric acid in the DRC ; (xlvi) Statements regarding spot prices for sulphuric acid in Kolwezi have recently reached as high as $600 per tonne.; (xlvii) Statements regarding the smelter offers transformative financial benefits for the Kamoa-Kakula Copper Complex, most notably of which is a material reduction in logistics costs, and to a lesser extent reduced concentrate treatment charges and local taxes, as well as revenue from the acid sales; (xlviii) Statements regarding volume of shipments per unit of copper will be more than halved by selling 99+%-pure blister copper anodes instead of copper concentrate; (xlix) Statements regarding smelter operations are expected to drive an overall decrease in average cash costs (C1) over the first five years (from 2025) to approximately $1.15/lb; (l) Statements regarding Kamoa Copper, which today is among the world’s lowest greenhouse gas emitters per unit of copper metal produced, is undertaking further studies to calculate the impact of the smelter on Kamoa-Kakula’s Scope 1, 2 and 3 emissions; (li) Statements regarding Kamoa Copper is also considering the construction of a downstream electro-refinery in future to produce up to 500,000 tonnes of cathode per year; (lii) Statements regarding Phase 4 expansion is expected to sustain Kamoa-Kakula production as one of the world’s top four largest copper mines; (liii) Statements regarding Phase 4 expansion may be accelerated depending on market conditions and the availability of sufficient power.; (liv) Statements regarding Phase 4 expansion will allow the Kamoa-Kakula Copper Complex to maintain copper production of over 600,000 tonnes per year for an additional 10 years supplemented with ore from Kakula West and the Kamoa mines, once the highest-grade areas at Kakula are mined out.; (lv) Statements regarding to support the total Kamoa milling requirements of 10.0 Mtpa, mining activities at Kamoa 1 will ramp up to 6 Mtpa, and Kansoko Sud and Kamoa 2 will initially provide the balance of the required throughput.; (lvi) Statements regarding following the commissioning of Phase 4 in 2030, Kamoa-Kakula is expected to have approximately 18 years of steady-state copper production at an annual copper production rate exceeding 500,000 tonnes of copper in concentrate; (lvii) Statements regarding ongoing rehabilitation of Turbine #5 at Inga II hydropower will provide clean, green hydropower for Phase 3; (lviii) Statements regarding the existing Phase 1 and Phase 2 operations, future expansions of the Kamoa-Kakula Copper Complex will be powered by clean, renewable hydro-generated electricity which is developed in public partnership with the DRC’s state-owned power company La Société Nationale d'Electricité (SNEL).; (lix) Statements regarding Kamoa Copper is actively evaluating the installation of backup power capacity to maintain production during intermittent grid supply, including generators and renewable options, such as solar and hydro, together with battery storage.; (lx) Statements regarding Kamoa-Kakula 2023 PFS estimates the remaining capital cost of $3.04 billion for the entire Phase 3 expansion, which excludes $255 million spent on Phase 3 through to December 2022.; (lxi) Statements regarding short-term financing facilities at Kamoa Copper are planned to be arranged should a shortfall occur due to a significant decrease in copper prices.; (lxii) Statements regarding capital cost for the Phase 4 expansion is estimated at $1.55 billion. Phase 4 benefits from significant cost savings compared with the capital requirement for Phase 3, by sharing certain common infrastructure. ; (lxiii) Statements regarding Phase 4 capital includes $134 million for additional renewable power infrastructure in DRC and $84 million for a railway spur line from Kamoa-Kakula to the main railway line near Kolwezi.; (lxiv) Statements regarding Sustaining capital costs in the Kamoa-Kakula 2023 PFS are estimated at $5.58 billion over the 33-year life of mine, equivalent to $169 million on average annually, which generally increases over time as capacity is enlarged.; (lxv) Statements regarding the inaugural phase of the Kamoa Centre of Excellence will commence in 2023; (lxvi) Statements regarding Phase 1 and 2 operations are anticipated to generate an average annual EBITDA of $2.0 billion, based on a copper price of $3.80/lb. in 2023 and $3.90/lb. in 2024, which will fund the expansion capital requirements.; (lxvii) Statements regarding Phase 1 and 2 at steady-state production (9.2 Mtpa) for the first two years, following the completion of the debottlenecking program early in 2023, generating cash flow to fund the ongoing capital expenditures.; (lxviii) Statements regarding Phase 3 expansion to 14.2 Mtpa processing capacity from late 2024 drives an increase in copper production, which is forecast to average 620,000 tonnes during the first ten years.; (lxix) Statements regarding commissioning of the 500,000 tonne-per-annum smelter in conjunction with Phase 3 results in a significant improvement in operating cost.; (lxx) Statements regarding significant period of cash flow generation in first five years following Phase 3 (2025 to 2029) with copper production averaging approximately 650,000 tonnes at a cash cost (C1) of $1.15/lb.; (lxxi) Statements regarding Phase 4 expansion, ramping up 19.2 Mtpa production capacity after 2030, will allow sustained copper production of over 500,000 tonnes per year through 2048. ; (lxxii) Statements regarding remaining Phase 3 capital cost, including contingency, is $3.04 billion, excluding $255 million already spent through December 2022. Of the $3.04 billion, $2.53 billion is spent during 2023 and 2024 up to the commissioning of the Phase 3 concentrator, with the remaining capital cost for the continuing ramp-up of the mining operations thereafter.; (lxxiii) Statements regarding sequential ramp-up of four new underground mines in the Kamoa area (called Kamoa 3, 4, 5 and 6) providing an additional 181.2 Mt of feed to the Kamoa and Kakula concentrators at an average grade of 3.1% copper, producing an additional 4.8 Mt of contained copper in concentrate.
All of the results of the 2023 PFS and 2023 PEA constitute forward-looking statements or information and include future estimates of internal rates of return, net present value, future production, estimates of cash cost, proposed mining plans and methods, mine life estimates, cash flow forecasts, metal recoveries, estimates of capital and operating costs and the size and timing of phased development of the projects.
Furthermore, concerning this specific forward-looking information concerning the operation and development of the Kamoa-Kakula, the company has based its assumptions and analysis on certain factors that are inherently uncertain. Uncertainties include: (i) the adequacy of infrastructure; (ii) geological characteristics; (iii) metallurgical characteristics of the mineralization; (iv) the ability to develop adequate processing capacity; (v) the price of copper, nickel, zinc, platinum, palladium, rhodium and gold; (vi) the availability of equipment and facilities necessary to complete development; (vii) the cost of consumables and mining and processing equipment; (viii) unforeseen technological and engineering problems; (ix) accidents or acts of sabotage or terrorism; (x) currency fluctuations; (xi) changes in regulations; (xii) the compliance by joint venture partners with terms of agreements; (xiii) the availability and productivity of skilled labour; (xiv) the regulation of the mining industry by various governmental agencies; (xv) the ability to raise sufficient capital to develop such projects; (xvi) changes in project scope or design; (xvii) recoveries, mining rates and grade; (xviii) political factors; (xviii) water inflow into the mine and its potential effect on mining operations, and (xix) the consistency and availability of electric power.
This release also contains references to estimates of Mineral Resources and Mineral Reserves. The estimation of Mineral Resources is inherently uncertain and involves subjective judgments about many relevant factors. Estimates of Mineral Reserves provide more certainty but still involve similar subjective judgments. Mineral Resources that are not Mineral Reserves do not have demonstrated economic viability. The accuracy of any such estimates is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation (including estimated future production from the company’s projects, the anticipated tonnages and grades that will be mined and the estimated level of recovery that will be realized), which may prove to be unreliable and depend, to a certain extent, upon the analysis of drilling results and statistical inferences that ultimately may prove to be inaccurate. Mineral Resource or Mineral Reserve estimates may have to be re-estimated based on: (i) fluctuations in copper and sulphuric acid or other mineral prices; (ii) results of drilling; (iii) metallurgical testing and other studies; (iv) proposed mining operations, including dilution; (v) the evaluation of mine plans after the date of any estimates and/or changes in mine plans; (vi) the possible failure to receive required permits, approvals and licences; and (vii) changes in law or regulation.
Forward-looking statements and information involve significant risks and uncertainties, should not be read as guarantees of future performance or results and will not necessarily be accurate indicators of whether such results will be achieved. Many factors could cause actual results to differ materially from the results discussed in the forward-looking statements or information, including, but not limited to, the factors discussed above and under the “Risk Factors”, and elsewhere in the company’s MD&A for the three and nine months ended September 30, 2022, as well as unexpected changes in laws, rules or regulations, or their enforcement by applicable authorities; the failure of parties to contracts with the company to perform as agreed; social or labour unrest; changes in commodity prices; and the failure of exploration programs or studies to deliver anticipated results or results that would justify and support continued exploration, studies, development or operations. Although the forward-looking statements contained in this news release are based upon what management of the company believes are reasonable assumptions, the company cannot assure investors that actual results will be consistent with these forward-looking statements. These forward-looking statements are made as of the date of this news release and are expressly qualified in their entirety by this cautionary statement. Subject to applicable securities laws, the company does not assume any obligation to update or revise the forward-looking statements contained herein to reflect events or circumstances occurring after the date of this news release.
The company’s actual results could differ materially from those anticipated in these forward-looking statements because of the factors set forth below in the “Risk Factors” section in the company’s MD&A for the three and nine months ended September 30, 2022.
刚果民主共和国科卢韦齐 — 艾芬豪矿业 (TSX: IVN; OTCQX:IVPAF) 联席董事长罗伯特·弗里兰德先生 (Robert Friedland) 与孙玉峰先生 (Miles Sun) 今天宣布,公司及其合作伙伴紫金矿业集团、晶河全球公司及刚果民主共和国 (以下简称“刚果(金)”) 政府对卡莫阿-卡库拉 (Kamoa-Kakula)独立综合开发方案 (以下简称“2023 IDP”)极为理想的研究结果表示热烈祝贺。2023 IDP 包括卡莫阿-卡库拉铜矿项目III 期和 IV 期扩建后33年的服务年限内的预可行性研究 (以下简称“卡莫阿-卡库拉2023 预可研”),以及初步经济评价更新版 (以下简称“卡莫阿-卡库拉 2023 初步经济评价”),包括将矿山服务年限延长至42年的开发方案。
卡莫阿-卡库拉 2023 预可研 对于将卡莫阿-卡库拉的设计产能从760万吨/年分阶段提升至2030年达到1,920万吨/年的方案进行了详细研究。第一阶段通过即将完成的扩产方案,将 I 期和II 期选厂的产能提升至920万吨/年。
位于卡莫阿矿山的III 期500万吨/年的新选厂正在施工建设,将于2024年第四季度完工。 III 期扩建还包括一座设计产能50万吨/年、含铜99%以上的直接闪速炉冶炼厂,以及英加二期水电站5号涡轮机组的升级改造。水电站涡轮机组升级完成后,将为国家电网增容178兆瓦清洁水电,可以满足 III 期的电力需求。
与III期扩建相同,后续的 IV 期也将建设一座500万吨/年的新选厂,从卡莫阿矿区向选厂供矿,将卡莫阿-卡库拉矿山的综合产能提升至1,920万吨/年。
卡莫阿-卡库拉 2023 初步经济评价增加4个采区将矿山服务年限延长9年,即 I 期至 IV 期选厂的生产作业持续至2060年甚至更长的服务年限进行评估。
卡莫阿-卡库拉 2023 初步经济评价只是初步研究,包括部分基于推断资源量的经济分析。推断资源量在地质学上被视为具有一定的推测成分,因此并不适用于详细经济分析且不允许将其转化为矿产储量。矿产资源量 不是矿产储量,不具有论证的经济潜力。
世界级的经济分析结果奠定了卡莫阿-卡库拉成为全球规模最大、卓越环保和成本最低的铜矿山的领先地位,在未来几十年领导世界促进妇女权益和培育刚果(金)青年发展
卡莫阿-卡库拉铜矿2023年IDP重点内容及现场扩建工程的视频﹕https://vimeo.com/793832552/c6e4f1f11d
图1﹕2025年世界20大铜矿排名预测 。
注:卡莫阿-卡库拉铜矿的产量和品位引自卡莫阿-卡库拉 2023 预可研前10年的平均可售铜产量和平均入选铜品位。卡莫阿-卡库拉的资源量引自卡莫阿-卡库拉 2023 预可研探明和控制资源量的铜金属量。 "铜入选品位” 反映了矿产储量的平均品位。2025年的探明和控制资源量充分考虑了2023年至2024年的生产数据 (已从2023年的探明和控制资源量余额中扣除)。报告的探明和控制资源量包括矿产储量。
信息来源﹕伍德曼肯兹 (根据公开披露而作出,伍德曼肯兹未审核卡莫阿-卡库拉 2023预可研)。
艾芬豪矿业执行联席董事长罗伯特·弗里兰德先生评论说:“顶级矿床的发现、开发以至开采在全球各地皆是凤毛麟角。卡莫阿-卡库拉一枝独秀矗立世界铜矿之林,是我们来自五湖四海的人才团队勤勉尽责、踔厉奋发取得的辉煌成果。这项研究标志着我们26年峥嵘岁月的恢弘征程,始于地质团队的远见卓识和坚守信念,成于世界领先的、碳排放最低的关键铜金属长期供应商,将助力人类向可再生能源加持的高质量可持续未来的迫切转型。”
“项目取得的斐然成就,离不开我们顶级的工程师、技术人员和顾问的不懈努力,离不开我们的合作伙伴紫金矿业和中信金属的宝贵贡献及全球股东的鼎力支持,离不开卡莫阿-卡库拉与刚果民主共和国政府及当地社区更紧密的协同合作。”
“综合开发方案彰显了卡莫阿-卡库拉铜矿项目服务年限长久的优良禀赋,将在本世纪长期生产高品位的环保铜金属,还展示了刚果民主共和国及其人民的美好前途和巨大发展潜力。卡莫阿铜业将成为世界领先的、负责任的供应商,生产各国政府应对气候变化所需的重要电能源金属。”
“卡莫阿-卡库拉是全球规模最大、品位最高的铜矿之一,也是产生巨额资本回报和自由现金流的主要经济引擎。今天标志着这伟大旅程的另一个重要里程碑,我们期待与合作伙伴和股东携手创造更多辉煌成就。”
“艾芬豪矿业已做好准备迈步向前,跻身全球多元化的大型矿业公司之列,而卡莫阿-卡库拉将会成为我们日后开发普拉特瑞夫 (Platreef) 和基普什 (Kipushi) 顶级矿山的典范。”
卡莫阿-卡库拉在 I 期和 II 期强劲发展的势头下,与刚果(金)政府和当地社区共同协作,建设跨世代的大型铜矿山
艾芬豪矿业总裁玛娜·克洛特女士 (Marna Cloete) 说:“我们与合作伙伴紫金矿业和刚果民主共和国政府在启动卡莫阿-卡库拉顶级铜矿项目之时,坚决承诺将在矿产资源、水资源和能源应用方面达到领先行业的标准,并最大程度地减少排放。我们深信,卡莫阿-卡库拉具有潜力成为现代化采矿作业的典范,与当地政府和社区相互合作、加强透明度,成为环境、社会和公司治理方面的最佳实践。”
“刚果民主共和国拥有非凡的水电潜能、世界一流的地质条件,以及年青、充满活力的劳动人口,将会成为下一代成就卓越的工程师、地质师和熟练的技术人才。卡莫阿-卡库拉已创造了超过 12,000个直接就业岗位,其中95%为刚果(金)人民。我们正全力兴建卡莫阿卓越发展中心,继续为当地就业和培训提供机会。卡莫阿卓越发展中心将为刚果(金)卢阿拉巴省建立一个以社区为重点的可持续学习环境,提供国际认可的学位和文凭的课程。”
“同时,卡莫阿-卡库拉的 ‘可持续民生计划’ 成功培育了运营社区的当地企业和产业链,包括稳定的农业和耕作、改善水源供应,并且在幼儿教育和性别平等方面投放资源,实现我们对联合国可持续发展目标的承诺 。”
“我衷心祝贺我们勤勉尽责的员工和承包商,成功实施这些领先行业的举措,不忘初心,使卡莫阿-卡库拉成为我们最初期望建设的绿色矿山。矿业仍然是一个关键的行业,在世界各地力求走向经济脱碳和电气化的过程中扮演着越来越重要的角色。我们将继续保持高标准的采矿作业,百尺竿头更进一步。”
艾芬豪将召开投资者电话会议讨论卡莫阿-卡库拉 2023 IDP
艾芬豪矿业将于2023年1月31日召开投资者电话会议,讨论卡莫阿-卡库拉铜矿2023综合开发方案更新版的研究结果、卡莫阿-卡库拉项目2023年现金成本的指导目标,以及卡莫阿-卡库拉项目、普拉特瑞夫项目和基普什项目2023年及2024年资本性开支的指导目标。
电话会议将包括卡莫阿-卡库拉项目的最新视频、艾芬豪联席董事长罗伯特·弗里兰德、总裁玛娜·克洛特及公司高管团队的讲话以及答问环节。
日期﹕2023年1月31日周二
时间﹕北美东岸时间 10:30 am / 太平洋时间7:30 am / 伦敦时间3:30 pm
注册链接﹕https://app.webinar.net/Xxn3K9eK9Ap
电话会议的网络广播录音及相关演示材料将在艾芬豪矿业网站上提供:www.ivanhoemines.com
卡莫阿-卡库拉2023 IDP包括两项研究方案﹕
- 卡莫阿-卡库拉 2023 预可研 ( III 期及 IV 期扩建)﹕在33年的矿山服务年限内,将设计总产能分阶段提升至1,920万吨/年。第一阶段通过 I 期和 II 期选厂的扩产方案,将设计产能从当前760万吨/年提升至920万吨/年 (2023年第二季度)。I 期和 II 期选厂将处理来自卡库拉的矿石,矿山目前正进行扩建以满足其产量需求,随后自2029年起从卡库拉西区补充矿石供应。第二阶段将会建设 III 期500万吨/年的选厂,计划于2024年第四季度投产,将从卡索科南区现有采区及卡莫阿1区和卡莫阿2区建设中的新采区向选厂供矿。III 期扩建和直接闪速炉冶炼厂计划将同时投产。冶炼厂每年可生产高达50万吨含铜超过99% 的阳极铜或粗铜,以及向刚果(金)当地市场销售的65万至80万吨/年的副产品浓硫酸。最后阶段将建设 IV 期的500万吨/年新选厂处理来自卡莫阿矿山的矿石,将矿山综合处理能力提升至1,920万吨/年。随着矿石储量品位逐渐下降,卡莫阿和卡库拉矿山将向冶炼厂供给混合铜精矿。以长期铜价3.70美元/磅计算,预可研方案测算的税后净现值 (折现率8%)为191亿美元。
- 卡莫阿-卡库拉 2023 初步经济评价 (矿山服务年限延长方案)﹕在卡莫阿-卡库拉 2023 预可研之上,将卡莫阿-卡库拉铜矿项目的矿山服务年限再延长9年,包括在卡莫阿矿区建设四座新的井下矿山 (卡莫阿3区、4区、5区和6区),以维持高达1,920万吨/年的综合产能。 初步经济评价方案测算的的税后净现值 (折现率8%)为202亿美元。初步经济评价只是初步研究,包括部分基于推断资源量的经济分析。推断矿产资源在地质学上被视为具有一定程度的推测成分,因此并不适用于经济分析且不允许将其转化为矿产储量。矿产资源不是矿产储量,不具有论证的经济潜力。
卡莫阿-卡库拉 2023 IDP 和卡莫阿-卡库拉 2023 初步经济评价,由澳大利亚阿德莱德的OreWin Pty Ltd.、中国江西的中国瑞林工程技术有限公司、南非约翰内斯堡的DRA Global、南非约翰内斯堡的Epoch Resources、南非米德兰的Golder Associates Africa、芬兰赫尔辛基的美卓奥图泰、南非开普敦的Paterson and Cooke、南非约翰内斯堡的SRK Consulting Inc.以及南非约翰内斯堡的MSA集团联合独立编撰。
NI 43-101技术报告将于本新闻稿发布后45天内上载于SEDAR网址 (www.sedar.com) 以及艾芬豪矿业网站 (www.ivanhoemines.com)。
图2﹕卡莫阿-卡库拉2023 IDP服务年限内的开发计划
图表由OreWin编制 (2023年)
扩产方案已完成90%以上,I 期和 II 期即将达到设计产能,提高铜产量及运营现金流以支持 III 期和 IV 期扩建
卡莫阿-卡库拉铜矿项目 I 期选厂于2021年5月启动生产,比原计划提前于2021年7月1日正式实现商业化生产。II 期选厂使得矿山总设计产能翻倍,也比原计划提前数月于2022年4月投产。
2022年2月底,公司宣布卡莫阿铜业已批准一项扩产方案,旨在将 I 期和 II 期选厂的综合设计产能从760万吨/年提升约21%至920万吨/年。截至2023年1月初,扩产方案已完成90%以上。
为配合I 期和 II 期选厂的扩产,卡库拉矿山正进行扩建以提升矿石处理能力,将采矿能力提高到800万吨/年至900万吨/年之间,连同卡库拉现有的矿堆,向扩产方案完成后产能达920万吨/年的 I 期和 II 期选厂供矿。截至2022年12月底,卡库拉地表已堆存约301万吨矿石,平均铜品位约4.2%,含超过12.6万吨铜。图 2为卡莫阿-卡库拉铜矿项目的长期开发方案,图 3 显示了 2023 IDF所涵盖的矿床。
随着卡库拉的地表堆矿逐步耗尽,将从卡库拉西区的新采区向 I 期和 II 期选厂补充提供矿石(见图2)。
图3﹕卡莫阿-卡库拉2023 预可研 (以蓝框显示) 和卡莫阿-卡库拉2023 初步经济评价 (以绿框显示) 所涵盖的矿床概况。
图表由OreWin编制 (2023年)
卡莫阿-卡库拉铜矿于2022年共生产精矿含铜33.3万吨,达到2022年生产指导目标 (29万至34万吨) 的上限。与卡莫阿-卡库拉2022年的铜产量同比增长215%。卡莫阿-卡库拉 2023年铜生产和现金成本的指导目标在下文阐述。
卡莫阿铜业总经理瑞安·魏美伦 (Riaan Vermeulen) 补充说﹕“可行性研究说明了卡莫阿-卡库拉是世界上成长最快的铜矿山的原因,未来必将成为领先全球的采矿作业之一。卡莫阿铜业的优秀团队汲取了I 期和 II 期的成功经验,将全力以赴实现开发方案。”
“在 I 期和 II 期力求提高运营效率的同时,III 期扩建的大型建设活动也进展顺利。我们需要进一步研究理解这座矿山的诸多方面,因此我们正全力优化开采盘区进路以提前开采更多矿体,从而增加当前可用的矿石储量以供回采。从长远看,这不仅有助于降低生产的风险,还加深了我们对于矿体的了解,特别是在含矿层产状、地形条件和地下水管理等方面。我们刚刚开始在卡莫阿矿区开采新的井下矿体,每天获得的运营知识将有助于持续优化规划和预测,并随着项目进展配合矿体的条件对采矿作业进行调整。”
新的精矿浓密机即将建设完工,作为扩产计划的一部分,预计投产后I期和I期选厂的综合产能将提升至920万吨/年。
卡莫阿-卡库拉2023年指导目标 |
|
精矿产铜 (万吨) | 39 - 43 |
C1现金成本 ($每磅可售铜) | 1.40 – 1.50 |
上述数字均以100%项目权益统计。报告的精矿含铜金属量未考虑冶炼协议中的损失或扣减。
卡莫阿-卡库拉2023年的指导目标以截至2022年12月31日的假设和估算为基础。指导目标涉及对已知和未知风险、不确定性和其它因素的估计,可能与实际业绩出现重大差异。
生产指导目标以扩产方案完成时间及其它假设为基础。
C1现金成本的指导目标,考虑到刚果(金)国有电力公司SNEL电网的供电价格自2022年12月起从每千瓦小时约0.06美元增加到每千瓦小时0.10美元,是以水电为主的电网10多年来首次加价。卡莫阿-卡库拉的能源子公司继续享受40%电费折扣,作为向SNEL贷款以修缮国有水电基础设施资产的回报。根据卡莫阿-卡库拉2023 预可研,贷款将于9年内摊销。
C1现金成本的指导目标以各项假设为基础,包括基于区域货运能力估算的运输成本 (特别是闲置企业可能仍在运行)、粗炼和精炼费用基准的增加,以及消耗品和其它投入品的通货膨胀。
2022 年第三季度,每磅可售铜的 C1 现金成本为1.43美元/磅,截至2022年9月30日止九个月则为1.38美元/磅,同期的每磅可售铜的销售成本分别为1.05美元/磅和1.09美元/磅。
C1现金成本为非公认会计准则的财务指标。管理层以C1现金成本评估经营业绩,其中包括所有直接采矿、选矿、矿堆重处理费用以及管理和行政成本。冶炼费和销售至最终港口 (通常是中国港口) 的运费被列作销售收入的一部分,将计入C1现金成本,以得出交付最终结算金属产品的粗略成本。
关于过往成本的对比,请参阅本新闻稿中“非公认会计准则财务指标”的部分。关于非公认会计准则财务指标的详细说明,请参阅截至2022年9月30日止三个月及九个月的的《管理层讨论与分析》。上述数字均以100%项目权益统计。
图 4﹕卡莫阿矿山现场布置图,包括靠近卡库拉现有 I 期和 II 期选厂和正在建设的一步炼铜冶炼厂
III 期扩建计划在未来十年内将平均产量提升至 62万吨铜/年,年度 EBITDA 达30亿美元以上
卡莫阿-卡库拉 III 期扩建完成后,预计在未来10年内将平均产量提升至约62万吨/年,将使卡莫阿铜矿成为全球第4大铜矿山 (见图6) 以及非洲大陆最大的铜矿。以市场共识价格计算,预计未来10年的平均铜品位达4.9%,项目将每年产生30亿美元以上的EBITDA,相比 I 期和 II 期显著提升。
图6﹕2025年世界10大铜矿排名预测
注:卡莫阿-卡库拉铜矿的产量和品位引自卡莫阿-卡库拉 2023 预可研前10年的平均可售铜产量和平均入选铜品位。伍德曼肯兹制定项目"铜入选品位”的基准反映了平均储量品位。
信息来源﹕伍德曼肯兹 (根据公开披露而作出,伍德曼肯兹未审核卡莫阿-卡库拉 2023预可研)。
III 期将包括一座500万吨/年的新选厂,位于 I 期和 II 期选厂以北约10公里处 (见图7)。选厂的设计与 I 期和 II 期选厂相似,但产能更大。深入的选矿试验结果显示,卡莫阿选厂预计达到87%的综合回收率,生产精矿平均铜品位高达37%。卡莫阿矿床与卡库拉一样,还受益于极低的有害元素,砷含量仅有0.02%。
III期选厂将从毗邻的卡索科南区 (前称卡索科) 现有井下采区及卡莫阿1区和卡莫阿2区建设中的新井下采区供给矿石。
图6﹕卡莫阿矿山平面布置图,包括 III 期选厂及基础设施,以及卡莫阿1区、卡莫阿2区及卡索科南区矿山。
卡索科南区自2020年11月开始采矿,为 III 期扩建做好准备。截至2022年12月,靠近III期选厂的地表已堆存约106万吨矿石,铜品位约3.6%,含铜超过3.8万吨铜(未计卡库拉堆场的12.6万吨铜)。
卡莫阿1区和卡莫阿2区将使用同一井口的双向斜坡道 (人员出入口及输送带) 进场。双向斜坡道的建设工程进度理想,至今已完成超过1,512米的开拓工程。卡莫阿1区将于年内开始采矿,其后卡莫阿2区将于2025年开展,将采用与卡库拉矿山同样的机械化分层充填采矿法。
卡莫阿1区和卡莫阿2区的斜坡道井口已建成。矿石将从两个采区输送到地表,再运送到毗邻的、正在建设中的 III 期选厂。
III 期选厂的土方工程和地表基础设施建设顺利,土建工程正如期推进。设备的制造也在进行中。钢结构加工供货招标已收到标书,现正进行评标。
III 期扩建的其它地表基础设施包括卡莫阿专用的220千伏变电站、新的回填厂、卡莫阿营地扩建和毗邻冶炼厂的新营地 (共设2,500多个床位),以及卡库拉现有的尾矿存储设施的扩容工程。
在卡莫阿-卡库拉 III 期选厂的磨矿和浮选车间土建工程。
III 期扩建包括全球规模最大的一步炼铜冶炼厂,预计将大幅降低运营成本并带来物流和环境效益,生产绿色环保的阳极铜和粗铜
卡莫阿-卡库拉 III 期扩建将包括一座闪速炉 (DBF) 冶炼厂,采用芬兰美卓奥图泰公司的顶尖技术,预计将成为全球最大的单系列闪速炉铜冶炼厂,以及非洲最大的冶炼厂之一,每年可生产50万吨阳极铜。冶炼厂占地100公顷,毗邻 I 期和 II 期选厂,按照国际金融公司 (IFC) 制订的排放标准建造。
冶炼厂三维示意图,背景为制酸厂,每年可生产50万吨约99%的粗铜,将成为非洲最大型的单系列一步闪速铜冶炼厂。
冶炼厂的精矿处理能力达1,200万吨/年,将处理来自卡库拉和卡莫阿选厂的精矿。
卡莫阿-卡库拉 2023 预可研显示,冶炼厂将处理卡莫阿-卡库拉约80%的精矿总产量,其中包括 III 期和后续 IV 期的产品。卡莫阿-卡库拉根据与卢阿拉巴铜冶炼厂签订的一项十年期协议,继续将部分精矿送往距离卡莫阿-卡库拉铜矿约50公里、靠近科卢韦齐镇的卢阿拉巴铜冶炼厂进行处理加工,预计每年处理约15万吨铜精矿。
铜精矿如超过刚果(金)境内冶炼厂可处理的产量,将与冶炼厂生产加工的99+% 阳极铜一起出口。
此外,冶炼厂每年将生产65万至80万吨的浓硫酸副产品。刚果(金)对硫酸有强烈需求,用于 SX-EW (溶剂萃取法和电解) 法处理氧化铜矿的矿石。刚果(金)市场每年消耗约130万至140万吨酸,其中大部分由区域消费者以硫磺形式进口,并在制酸厂燃烧以制造硫酸。刚果(金)还直接进口硫酸,主要来自赞比亚。在科卢韦齐,硫酸的现货价格最近飙升至600美元/吨。
III 期冶炼厂的鸟瞰图。
冶炼厂位于矿山范围内,为卡莫阿-卡库拉铜矿项目带来巨大的经济效益,显着降低物流成本,还有助于降低粗炼费和当地税项,并可从副产品硫酸的销售中获得可观利益。2022年前9个月,单单是物流成本已占卡莫阿-卡库拉C1现金成本总额的 36%,由于99+%阳极/粗铜出口的单位物流成本明显低于铜精矿,有助于将整体货运量减半以上。卡莫阿-卡库拉 2023预可研显示,冶炼厂投产后前5年 (从2025年起计) 将平均 C1 现金成本降低至约1.15美元/磅,与2023年指导目标中位的每磅可售铜C1现金成本1.45美元/磅相比,下降了21%。
卡莫阿铜业是全球每单位铜的温室气体排放量最低的矿山之一,正进一步研究计算冶炼厂对于卡莫阿-卡库拉气体排放 (范围一、二和三) 的影响。项目的货运量减少,以及使用水电供应先进的冶炼设施,预计将对每单位铜的运营碳足迹产生重大的积极影响。
在卡莫阿-卡库拉的冶炼厂现场,闪速炉和电炉的地基建设正按计划进行。
冶炼厂的清表和土方工程已于2022年完工,土建工程进展顺利,所有桩基工程都已完成,闪速炉和电炉的地基即将建成。钢结构和闪速炉的安装将于2023年3月开展。第一批闪速炉钢结构已于2023年1月运抵现场。所有大型设备的采购订单已经完成,目前正在制造中。冶炼厂的建设工程正在进行中,将按计划于2024年底投产。
此外,卡莫阿铜业正考虑在未来建设一座下游电解精炼厂,每年可生产高达50万吨的阴极铜,使卡莫阿-卡库拉能够负责任地生产LME级的铜金属向市场和终端消费者出售。精炼厂的工程设计已开展,但未被纳入卡莫阿-卡库拉 2023 IDP 的范围内。
图7﹕2025年按比例计算的C1铜现金成本 (已计入采矿、选矿、冶炼、物流和场外实现成本),单位为美元/磅
注﹕按比例计算的C1现金成本,反映生产可售铜金属的直接现金成本,已计入采矿、选矿、矿场的行政和管理成本及场外实现成本 (对于副产品收益流的相关成本已作出适当的拨备)。卡库拉的数值根据卡莫阿-卡库拉 2023 预可研 所载前10年的平均C1现金成本而作出。
信息来源﹕伍德曼肯兹、2023年 (根据公开披露而作出,伍德曼肯兹未审核卡莫阿-卡库拉 2023 预可研)。
IV 期扩建将保持卡莫阿-卡库拉的铜产量,使其跻身世界四大铜矿之一
IV 期扩建包括在卡莫阿III期选厂附近建设第二座500万吨/年的选厂,将使卡莫阿-卡库拉铜矿的综合产能提升至1,920万吨/年。卡莫阿-卡库拉 2023 预可研 计划在2030年,即 III 期以稳态产能1,420万吨/年运行5年后启动 IV 期扩建工程。扩建计划也可能提前实施,视市场条件和足够电力的可用性而定。
IV 期扩建将使卡莫阿-卡库拉铜矿项目能够维持年产60万吨铜的时间延长10年,在卡库拉最高品位的矿石耗尽后,将从卡库拉西区及卡莫阿的采区向选厂供矿。
位于卡莫阿的 IV 期 500万吨/年选厂与毗邻的 III 期选厂设计相同。与 I 期和 II 期选厂类似,III 期和 IV 期选厂将共用部分基础设施,包括初碎和筛分以及部分地表设施,有效提高资本效益。在可行的情况下,这些基础设施将会在 III 期建设,因此 IV 期的资本性开支预计将低于 III 期。IV 期扩建完成后,靠近卡莫阿采区的Mupenda尾矿存储设施将于2040 年投产,在卡库拉尾矿存储设施的1-3号库接近满负荷时作备用,以维持地下开采活动。
为配合卡莫阿1,000万吨/年的选矿总需求,卡莫阿1区将推进产能爬坡至600万吨/年,初期将从卡索科南区和卡莫阿2区额外供矿。
卡莫阿-卡库拉 2023预可研包括 III 期和 IV 期扩建计划,预计产生191亿美元的净现值 (折现率8%) (假设长期铜价3.70美元/磅)。
图 8﹕卡莫阿-卡库拉 III 期和 IV 期扩建 (预可研) 的税后净现值 (折现率8%,基于长期铜价假设,单位十亿美元)
注﹕假设铜价为3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅,折现率8%。
卡莫阿-卡库拉 2023预可研预计前10年的平均铜品位达4.9%,平均每年生产62万吨铜。随着 IV 期于2030年投产,预计卡莫阿-卡库拉将可维持约18年的稳态产能,年产精矿含铜金属50万吨以上 (见图 9)。
图9﹕卡莫阿-卡库拉 2023 预可研服务年限内的精矿铜产量
图表由OreWin编制 (2023年)
矿山服务年限延长方案再次肯定了卡莫阿-卡库拉铜矿项目跨世代发展的潜力
卡莫阿-卡库拉 2023 初步经济评价 展示了卡莫阿-卡库拉铜矿项目具有延长矿山服务年限的潜力,在卡莫阿-卡库拉铜矿项目以北的四个新采区 (卡莫阿3区、4区、5区和6区) 生产精矿含铜480万吨。四个新采区将视需求按次序进行建设和爬坡,卡莫阿-卡库拉 2023 预可研 显示33年的矿山服务年限以后的9年内,保持高达1,920万吨/年的综合产能。在卡莫阿采区开采的矿石将继续向卡莫阿 III 期和 IV 期选厂 (综合产能1,000万吨/年) 供矿,同时向卡库拉 I 期和 II 期选厂 (综合产能 920万吨/年) 供矿(见图10)。
卡莫阿-卡库拉 2023 初步经济评价 只是初步的分析,包括部分基于推断资源量的经济分析。推断资源量在地质学上被视为具有一定程度的推测成分,因此并不适用于经济分析且不允许将其转化为矿产储量。矿产资源量不是矿产储量,不具有论证的经济潜力。
卡莫阿-卡库拉 2023 初步经济评价测算出约202亿美元的税后净现值 (折现率8%) (假设长期铜价为3.70美元/磅)。
图 10﹕卡莫阿-卡库拉 2023 初步经济评价服务年限内的精矿铜产量
图表由OreWin编制 (2023年)
英加二期水电站5号涡轮机组的升级改造正在进行,将为 III 期提供清洁的环保水电
卡莫阿-卡库拉铜矿项目的后续扩建与 I 期和 II 期一样,将会使用公司与刚果(金)国有电力公司SNEL合作开发的可再生清洁水电。
位于刚果河下游的英加二期水电站正进行5号涡轮机组的升级改造,预计将产生额外的178兆瓦可再生水电,为 III 期和冶炼厂供电。升级改造将于2024年第四季度完工,以配合III 期选厂和冶炼厂的投产。
英加二期水电站的升级改造进展顺利,2022年第4季度牵头承包商福伊特水电 (Voith Hydro) 的工作团队已进驻营地,目前正进行现有交流发电机的拆卸工作以及新转轮的焊接和组装工作,同时正研究升级英加二期水电站和卡莫阿营地之间的现有电网基础设施的传输能力。
福伊特水电位于中国的工厂正在开展焊接和组装工作,计划在2024年早期交付英加二期水电站。
卡莫阿铜业正对于类似的升级改造项目进行评估,以配合 IV 期扩建的电力需求,并已在资本性开支预算中作出拨备。
此外,卡莫阿铜业正积极研究安装额外的备用供电设施,包括发电机以及带电池储能的太阳能和水力发电的可再生能源,确保矿山在电网出现中断的情况下也能够正常运行。
以当前铜价计算,III 期和后续扩建的资本性开支将从运营现金流中划拨
卡莫阿-卡库拉 2023 预可研 估计,III 期扩建整体的剩余资本性开支为30.4亿美元,未计截至2022年12月已用于 III 期的2.55亿美元。剩余资本性开支包括9.06亿美元将用于冶炼厂建设,以及8,400万美元用于向SNEL支付英加二期5号涡轮机组的升级改造(共计约1.3亿美元)。
III 期剩余的30.4亿美元资本性开支,其中约25.3亿美元将于2023年和2024年 III 期选厂和其它基础设施投产前使用。与此同时,以3.80美元/磅 (2023年) 和3.90美元/磅 (2024年) 铜价计算,预计 I 期和 II 期的年均EBITDA达20亿美元,将为扩建计划的资本需求提供资金。截至2022年12月31日,卡莫阿铜业的现金余额为3.43亿美元。卡莫阿铜业正计划安排短期融资贷款,以免万一铜价大跌时出现资金缺口。
III 期余下的资本性开支将在2025年和2026年用于井下开采作业的产量爬坡,以保持项目1,420万吨/年的综合产能。
IV 期扩建的资本性开支约15.5亿美元。由于 IV 期可使用 III 期的部分基础设施,因而节省大量成本。IV 期的资本性开支包括1.34亿美元用于刚果(金) 新建的可再生能源基础设施,以及8,400万美元用于建设从卡莫阿-卡库拉至科卢韦齐支线铁路。
支线铁路将连接卡莫阿-卡库拉项目到即将启用的洛比托走廊铁路干线,直接通往安哥拉。包括瑞士日内瓦托克公司 (Trafigura Pte. Ltd.) 在内的财团,最近获得安哥拉授予为期30年的特许经营权。这条新的出口线路全面投入服务后,预计将显着缩短从矿山到安哥拉洛比托海港的陆路运输距离和中转时间,大大降低卡莫阿-卡库拉铜矿项目的碳足迹。
2023 预可研 估计,在33 年的矿山服务年限内的平均维持性资本开支约55.8亿美元,相当于平均每年1.69亿美元。随着产能扩大,维持性资本开支将会逐渐增加。
图11﹕卡莫阿-卡库拉 2023 预可研的 III 期和 IV 期资本性开支估算
注:间接费用已计入工程、采购、建筑及管理 (EPCM)、业主成本和关税。
卡莫阿-卡库拉在刚果(金)建立世界级学校-卡莫阿卓越发展中心,通过可持续发展促进社区繁荣
卡莫阿-卡库拉铜矿项目在该地区发挥着重要的作用,支持社区的可持续发展,并有助于提升矿山运营范围内居民的生活质量。项目对于卡莫阿-卡库拉铜矿的环境和社会影响评价 (ESIA) 以及环境和社会管理计划 (ESMP) 进行了详细的修订和更新,以评估、缓解和管理 III 期扩建造成的任何环境和社会风险。
尽管项目已尽一切努力避免非自愿性的重置安排,但 III 期扩建计划仍造成了一些经济和实体搬迁。卡莫阿-卡库拉已根据刚果(金) 的法规和国际最佳实践,有效地管理所有必要的经济和实体搬迁,确保与受项目影响的利益相关方继续进行咨询。
为了实现促进当地就业的目标,卡莫阿-卡库拉建立了一所世界级学校,确保当地社区居民得到培训发展和就业的机会,包括过去在刚果(金)矿业就业面临能力不足的女性。卡莫阿卓越发展中心位于科卢韦齐郊区,目前正进行施工,将拥有世界一流的设施,在刚果(金)铜矿带的卢阿拉巴省建立一个以社区为中心的可持续学习环境。将分期建设逐步增设教学部门和体育设施。首期将于2023年招生,为约40名学员提供矿业的相关课程。
项目对于教育和医疗保健计划投放了大量资源,并为卡莫阿-卡库拉铜矿项目影响范围内90%以上的居民提供饮用水。为期五年的监管社区发展方案 “Cahier des Charges” 正顺利进行,为教育、医疗保健、农业、饮用水供应和其它举措提供共计860万美元的资助。
作为“振兴生计计划”的一部分,卡莫阿员工向Kaponda 社区居民派发柑橘树苗。计划旨在透过农业活动提升社区的食品安全。
卡莫阿-卡库拉IDP 2023重点﹕
卡莫阿-卡库拉2023 预可研关键测算摘要
- 前两年I期和II期达到处理矿石920万吨/年的稳态产能,其后于2023年早期完成扩产计划,产生现金流以支持后续的资本性支出。
- 2024年下半年开始III期扩建完成后矿山综合矿石处理能力提高至1420万吨/年,铜产量大幅增加,预计在前10年达到62万吨/年。
- 与III期同步试车投产的50万吨/年的冶炼厂将优化降低运营成本。
- III期投产后的前5年(2025-2029)平均年产65万吨铜,C1现金成本1.15美元/磅,将是产生现金流的重要阶段。
- IV期扩建项目在2030年爬坡至处理矿石1920万吨/年的产能,将维持50万吨/年的铜产量至2048年。
- 剩余的III期资本性开支,包括应急费用,共计30.4亿美元,不包括截至2022年底已经发生的2.55亿美元。这其中25.3亿美元将在2023年和2024年支出,直至III期选厂试车投产,其余的资本性开支继续支持矿山运营其后的爬坡。
- 33年服务年限内8%折现率下的净现值为191亿美元。
表1﹕卡莫阿-卡库拉 2023 预可研结果概要
项目 | 单位 | 总值 |
总矿石处理量 (矿山服务年限) |
|
|
矿石处理量 | 千吨 | 476,195 |
铜入选品位 | % | 3.94 |
精矿产量 (矿山服务年限) |
|
|
铜精矿产量 | 千吨(干) | 37,802 |
铜回收率 | % | 86.62 |
铜精矿品位 | % | 43.05 |
精矿产铜 | 百万磅 | 35,875 |
精矿产铜 | 千吨 | 16,273 |
年均值 (2023-2024年)1 |
|
|
矿石处理量 铜入选品位 | 千吨 % | 9106 5.75 |
铜精矿产量 | 千吨(干) | 917 |
精矿含铜 | 百万磅 | 1,004 |
精矿含铜 | 千吨 | 455 |
C1现金成本 | 美元/磅可售铜 | 1.45 |
EBITDA | 百万美元 | 2,015 |
年均值 (2025-2029年) |
|
|
矿石处理量 铜入选品位 | 千吨 % | 14,194 5.30 |
铜精矿产量 | 千吨(干) | 1,431 |
精矿含铜 | 百万磅 | 1,442 |
精矿含铜 | 千吨 | 654 |
C1现金成本 | 美元/磅可售铜 | 1.15 |
EBITDA | 百万美元 | 3,522 |
年均值 (前10年) |
|
|
矿石处理量 铜入选品位 | 千吨 % | 14,428 4.94 |
铜精矿产量 | 千吨(干) | 1,379 |
精矿含铜 | 百万磅 | 1,368 |
精矿含铜 | 千吨 | 620 |
C1现金成本 | 美元/磅可售铜 | 1.22 |
EBITDA | 百万美元 | 3,151 |
主要财务业绩 |
|
|
III 期剩余资本性开支 | 百万美元 | 3,037 |
IV 期资本性开支 | 百万美元 | 1,553 |
维持性资本开支 | 百万美元 | 5,583 |
矿山服务年限内平均C1现金成本 | 美元/磅可售铜 | 1.31 |
矿山服务年限内平均总现金成本 | 美元/磅可售铜 | 1.52 |
矿山服务年限内平均矿场运营成本 | 美元/吨入选矿 | 72.75 |
税后净现值(折现率8%)2 | 百万美元 | 19,062 |
矿山服务年限 | 年 | 33 |
- 2023年至2024年期间的平均数值,已计入在2024年 III 期选厂实现产量爬坡期间处理的精矿产铜约2万吨。
- 经济分析铜价假设为3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
表2: 卡莫阿-卡库拉2023预可研平均产量数据统计
项目 | 单位 | 2023-20241 | 2025-2029 | 前10年 | 服务年限内平均 |
总矿石处理量 |
| ||||
矿石处理量 | kt | 9,106 | 14,194 | 14,428 | 14,430 |
铜入选品位 | % | 5.75 | 5.30 | 4.94 | 3.94 |
年度精矿产量 |
|
|
|
| |
精矿产量 | kt (dry) | 917 | 1,431 | 1,379 | 1,146 |
回收率 | % | 86.97 | 87.02 | 87.02 | 86.62 |
精矿品位 | % Cu | 49.67 | 45.70 | 45.01 | 43.05 |
精矿产铜 |
|
|
|
| |
铜产量 | Mlb | 1,004 | 1,442 | 1,368 | 1,087 |
铜产量 | kt | 455 | 654 | 620 | 493 |
冶炼加工精矿 / 销售 |
|
|
|
| |
冶炼加工精矿(卡莫阿) | kt (dry) | – | 1,133 | 936 | 861 |
代加工精矿(LCS) | kt (dry) | 134 | 134 | 134 | 120 |
销售精矿 | kt (dry) | 783 | 164 | 310 | 165 |
可售铜 |
|
|
|
|
|
阳极铜(卡莫阿) | kt | – | 496 | 396 | 353 |
粗铜(LCS) | kt | 64 | 65 | 63 | 55 |
精矿产铜 | kt | 376 | 80 | 147 | 75 |
总可售铜 |
|
|
|
|
|
铜 | Mlb | 971 | 1,411 | 1,336 | 1,064 |
铜 | kt | 440 | 640 | 606 | 483 |
- 2023-2024平均产量包括2万吨III期选厂在2024年爬坡阶段生产的精矿产铜.
图12﹕卡莫阿-卡库拉 2023 预可研的矿石处理量和入选品位概况
图表由OreWin编制 (2023年)
图13: 卡莫阿-卡库拉 2023 预可研的精矿和铜产量
图表由OreWin编制 (2023年)
表3:卡莫阿-卡库拉 2023 预可研的单位营运成本
注:上表列出的C1现金成本已计入因地表矿堆增加或耗尽而作出相应会计调整的影响 (如适用)。
1. 假设硫酸价格为150美元/吨。
表4:卡莫阿-卡库拉 2023 预可研的收入和运营成本
注:经济分析的铜价假设为3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
表5:卡莫阿-卡库拉 2023 预可研的资本性支出
注:III 期剩余的资本性开支30.37亿美元,包括25.29亿美元将在2023年和2024年 III 期选厂和其它基础设施投产前使用,以及余下5.08亿美元将于2025年和2026年用于井下采矿作业实现产量爬坡,以维持1,420万吨/年的综合产能。
表6:卡莫阿-卡库拉 2023 预可研的财务分析 (基础方案及现货价格计算)
1. 基础方案的铜价假设如下﹕3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
2. 现货铜价 (2023年1月27日) 为4.24美元/磅,基于矿山服务年限作假设。
表7:卡莫阿-卡库拉 2023 预可研的铜价格敏感性分析
注﹕经济分析铜价假设为3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
图14:卡莫阿-卡库拉 2023 预可研的税后现金流预测
图表由OreWin编制 (2023年)
卡莫阿-卡库拉2022矿产资源量估算
卡莫阿-卡库拉的2022年矿产资源估算由艾芬豪矿业资源部副总裁乔治·吉尔克里斯特 (George Gilchrist) 在南非约翰内斯堡MSA集团Jeremy Witley的指导下,依据2014年CIM矿产资源和矿产储量定义标准而编撰。Witley先生是矿产资源估算报告的合资格人。估算报告自2022年12月31日起生效,卡库拉估算的钻孔数据截至2022年12月13日,卡莫阿估算的钻孔数据截至2020年1月20日。
开采前进行的地表加密钻探,以及在井下编录和采样,有助于完善采区的地质解译并提高了地质和品位连续性的可靠程度,使我们能够首次圈定卡库拉的探明资源量 (见图18)。表8分列了卡莫阿-卡库拉项目的探明、控制和推断矿产资源量。
图15:卡莫阿不同类型的矿产资源分布
图16:卡库拉井下矿山平面布置图,显示井巷设施及待开采的矿石储量(红色部分)
表8﹕卡莫阿-卡库拉项目的资源量估算结果 (边界品位TCu=1%)
卡莫阿-卡库拉项目的综合矿产资源估算附注﹕
1. 艾芬豪矿产资源副总裁乔治·吉尔克里斯特是南非自然科学专业委员会 (SACNASP) 的专业人士 (Pr. Sci. Nat)。在Jeremy Witley的监督下,吉尔克里斯特先生对矿产资源作出估算。用于卡莫阿估算的钻孔数据截至2020年1月20日为止,卡库拉估算的钻孔数据截至2022年7月20日为止,化验分析结果表更新至2022年12月13日。截至2022年12月31日的动用量已经剔除,矿产资源估算自2022年12月31日起生效。矿产资源根据2014年CIM矿产资源和矿产储量定义标准报告。矿产资源以100%权益基础报告。艾芬豪间接持有项目的39.6%权益。报告的矿产资源量包含矿产储量。矿产资源量不是矿产储量,不具有论证的经济潜力。
2. 卡莫阿的矿产资源以TCu =1%的边界品位和3m的最小圈矿厚度估算。最终经济开采的合理预期根据以下假设确定。假设铜价为4美元/磅、采用地下机械化的分层充填采矿法,以及将生产粗铜及铜精矿作为销售产品。假设平均选矿回收率为87.5%。采矿成本假设为38美元/吨。选厂、尾矿处理、粗炼及管理和行政成本假设为15美元/吨。冶炼、精炼和运输成本假设为13.5美元/吨矿石 (以边界品位计算)。假设权益金为3.5%、出口税1%及精矿税款100美元/吨精矿。
3. 卡库拉的矿产资源以TCu =1%的边界品位和3米的最小圈矿厚度估算。最终经济开采的合理预期根据以下假设确定。假设铜价为4美元/磅、采用地下机械化的分层充填采矿法,以及将生产粗铜及铜精矿作为销售产品。假设平均选矿回收率为85.5%。采矿成本假设为38美元/吨。选厂、尾矿处理、粗炼及管理和行政成本假设为15美元/吨。冶炼厂、精炼和运输成本假设为9.5美元/吨矿石 (以边界品位计算)。假设权益金为3.5%、出口税1%及精矿税款100美元/吨精矿。
4. 矿产资源估算未考虑上盘或下盘接触带的边界损失和贫化,也未考虑采矿回收率。
5. 推断资源量的钻孔间距约800米、控制资源量的间距约400米,探明资源量的钻孔间距约100米钻孔间距或基于井下巷道工程控制。
6. 数值按照报告指引要求四舍五入,可能导致矿石量、品位和金属量的累加差异。
图17:卡莫阿-卡库拉采矿权证范围,显示各个采区以及毗邻的、由艾芬豪全资拥有的部分西部前沿 (Western Foreland) 探矿权。
卡莫阿-卡库拉2023矿产储量估算
卡莫阿-卡库拉 2023 预可研的矿产储量估算,由 OreWin Pty Ltd 首席采矿工程师Curtis Smith (合资格人) 按照2014年CIM矿产资源和矿产储量定义标准进行估算,以符合加拿大NI 43 ‐101 — 矿产项目的披露标准。表9分列了卡莫阿-卡库拉项目的矿产储量。矿产储量以2020年1月的矿产资源为基础。矿产储量全部是“可信储量”,由控制矿产资源量转换而来。矿产储量估算自2022年12月31日起生效。卡莫阿2022年的矿产资源估算自2022年12月31日起生效,但由于未能及时完成而没有被纳入卡莫阿-卡库拉2023 预可研内。
表9: 卡莫阿-卡库拉 2023 预可研矿产储量估算
卡莫阿-卡库拉 2023 预可研的矿产储量估算附注:
1. 用作计算财务分析的长期铜价为3.70美元/磅。分析是根据现场冶炼厂及剩余精矿向销售的假设而进行计算的。实现成本包括精炼及粗炼费、扣减和付款条件、粗铜和精矿运输、选冶回收率和权益金。
2. 矿产储量的增加的原因是多方面的,包括:卡库拉矿山第二层采场高度增加至7.5米、卡莫阿矿山边界的重新确定、卡库拉西和卡莫阿2区的新增储量。
3. 采矿规划方面,用于计算矿块模型净冶炼回报NSR的铜价为3.10美元/磅。
4. 矿产储量自2022年12月31日起生效。卡莫阿2022年的矿产资源估算自2022年12月31日起生效,但由于未能及时完成而未被纳入卡莫阿-卡库拉2023 预可研内。
5. 以100.00美元/吨的净冶炼回报NSR边界来圈定采场,以80.00美元/吨的净冶炼回报NSR边界来划分矿石和废料。
6. 2020年1月报告的控制资源量用于转换可信储量。
7. 矿石量和品位的估算充分考虑了贫化和采矿回收率。
8. 上述报告的矿产储量与矿产资源量并非相加关系。
图18:卡莫阿-卡库拉铜矿项目的设计图,包括 I 至 IV 期的选厂、9个采区以及一座一步炼铜冶炼厂。
卡莫阿-卡库拉 2023 初步经济评价重点摘要
1. 矿山服务年限延展方案提出了在卡莫阿-卡库拉 2023 预可研所载矿山服务年限33年以后的9年内,保持高达1,920万吨/年的综合选矿产能。
2. 卡莫阿3、4、5、6区四座新矿山的分期爬坡为卡莫阿-卡库拉的选厂提供1.812亿吨矿石,平均入选品位3.1%,以生产精矿含铜480万吨。
3. 税后净现值为202亿美元 (折现率8%),矿山服务年限42年。
卡莫阿-卡库拉 2023 初步经济评价只是初步研究,包括部分基于推断资源量的经济分析。推断资源量在地质学上被视为具有一定程度的推测成分,因此并不适用于经济分析且不允许将其转化为矿产储量。矿产资源量不是矿产储量,不具有论证的经济潜力。
卡莫阿-卡库拉 2023 初步经济评价结果重点概述于表10、11和12以及图19。
表10:卡莫阿-卡库拉 2023 初步经济评价结果概要
注:经济分析假设的铜价为3.80美元/磅 (2023年)、3.90美元/磅 (2024年)、4.00美元/磅 (2025年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
表11:卡莫阿-卡库拉 2023 初步经济评价的财务测算结果 (基础方案及现货价格)
1. 基础方案的铜价假设如下﹕3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
2. 现货铜价 (2023年1月27日) 为4.24美元/磅,基于矿山服务年限作假设。
图19:卡莫阿-卡库拉 2023 预可研的年度和累计现金流预测
图表由OreWin编制 (2023年)。
表12﹕卡莫阿-卡库拉 2023 初步经济评价的铜价格敏感性分析
注﹕经济分析的铜价假设为3.80美元/磅 (2023年)、3.90美元/磅 (2024 年)、4.00美元/磅 (2025 年)、4.00美元/磅 (2026年),以及从2027年起假设长期铜价为3.70美元/磅。
非公认会计准则财务指标
C1现金成本及每磅C1现金成本为非公认会计准则的财务指标。这些披露使投资者更清楚了解卡莫阿-卡库拉项目的表现,与其他铜生产商按照类似指标公布的业绩作比较。C1现金成本的计算基准与伍德曼肯兹成本指南制定的行业标准定义一致,但并非国际财务报告准则 (IFRS) 认可的计量。
卡莫阿 - 卡库拉平衡后的销售成本与 C1 现金成本:
上述数字均以100%项目权益统计。关于非公认会计准则财务指标的详细说明,请参阅截至2022年9月30日止三个月及九个月的的《管理层讨论与分析》。
合资格人
以下公司负责编撰卡莫阿-卡库拉2023综合开发方案,包括卡莫阿-卡库拉2023 预可研及卡莫阿-卡库拉2023 初步经济评价 ﹕
- 澳大利亚阿德莱德的OreWin — 整体报告编撰、采矿和矿产储量、物流和经济分析
- 中国江西的中国瑞林工程技术有限公司 —冶炼厂设计
- 南非约翰内斯堡的DRA Global — 矿山地表基础设施和选冶加工
- 南非约翰内斯堡的Epoch Resources — 尾矿库设计
- 南非米德兰的Golder Associates Africa — 水文模型和建议
- 芬兰赫尔辛基的美卓奥图泰 —冶炼厂技术
- 南非开普敦的Paterson and Cooke — 膏体回填厂的设计和地表/井下充填料分配系统
- 南非开普敦的SRK Consulting — 岩土工程及建议
- 南非约翰内斯堡的MSA集团 — 矿产资源量估算
负责编撰卡莫阿-卡库拉2023 预可研及卡莫阿-卡库拉2023 初步经济评价 (技术报告将会以该等报告作为基础) 的独立合资格人包括﹕Bernard Peters (OreWin)、Jeremy Witley (MSA Group) 、Curtis Smith (OreWin) 、William Joughin (SRK) 、Marius Phillips (DRA Global) 、Alwyn Scholz (DRA Global)及Guy Wiid (Epoch)。每位合资格人已经按他们负责编撰卡莫阿-卡库拉2023 预可研及卡莫阿-卡库拉2023 初步经济评价的部分,审阅和批核本新闻稿的相应内容。
本新闻稿中关于卡莫阿-卡库拉矿堆的科学或技术性披露已经由乔治·吉尔克里斯特审查和批准,他凭借其教育、经验和专业协会会籍被认为是NI 43-101 条款下的合资格人。吉尔克里斯特先生是芬豪矿业资源部副总裁,因此他并不符合NI 43-101 对独立人士的界定。吉尔克里斯特先生已核实本新闻稿所披露关于卡莫阿-卡库拉矿堆的技术数据。
苏格兰爱丁堡的伍德曼肯兹根据可比铜矿项目的公开披露,提供数据以编撰本新闻稿的部分图表。然而,伍德曼肯兹并未审阅卡莫阿-卡库拉2023 预可研或卡莫阿-卡库拉2023 初步经济评价。
数据核实及质量控制和保证
Wood 公司旗下的Amec Foster Wheeler (以下简称“Wood”) 对于样品监管流程、质量保证和控制程序以及分析实验室的质素进行审查。Wood认为,上述程序以及质量保证和控制方案均为可接受以支持矿产资源的估算。同时,Wood在2009年至2020年间已多次审核分析数据库、岩芯纪录和地质解译,当中并未发现数据出现重大问题。
Wood的合资格人认为,从卡莫阿-卡库拉项目收集的数据进行的数据核实方案能够支持地质解译,而分析和数据质量以及所收集的数据足以支持矿产资源估算。
艾芬豪矿业对卡莫阿-卡库拉铜矿项目分析保持一项全面的监管流程,并制定质量保证和控制方案。切割一半的岩芯在卡莫阿现场的样品制备实验室加工后,制备的样品经由安全的快递公司送往位于澳大利亚的Bureau Veritas Minerals (以下简称“BVM”) 实验室,该实验室是获得ISO17025认可的机构。铜分析由 BVM 采用混合酸消解方法后,再运用等离子质谱仪分析。行业标准认证的标样和空白样在运输至 BVM 之前插入样品批次。
关于用作支持科学和技术信息的分析方法和数据核实措施的详尽信息,请参阅载于www.sedar.com 艾芬豪矿业SEDAR 部分或艾芬豪矿业网站www.ivanhoemines.com的卡莫阿-卡库拉2020资源估算更新(2020年3月27日) 技术报告。
关于艾芬豪矿业
艾芬豪矿业是一家加拿大的矿业公司,正在推进旗下位于南部非洲的三大主要项目:位于刚果(金)的卡莫阿-卡库拉铜矿项目的扩建工程、位于南非的普拉特瑞夫顶级钯-铑-铂-镍-铜-金矿的开拓工程;以及同样位于刚果(金)、久负盛名的基普什超高品位锌-铜-锗-银矿的重建工程。
同时,艾芬豪矿业正在刚果(金)境内、毗邻卡莫阿-卡库拉铜矿项目的西部前沿探矿权内寻找新的铜矿资源。西部前沿探矿权占地2,400平方公里,由艾芬豪矿业全资拥有及持有90%权益。
联系方式
请即关注罗伯特·弗里兰德 (@robert_ivanhoe) 和艾芬豪矿业(@IvanhoeMines_)的Twitter帐号。
投资者
温哥华﹕马修·基维尔 (Matthew Keevil),电话﹕+1.604.558.1034
伦敦﹕托米·霍顿 (Tommy Horton) ,电话﹕+44 7866 913 207
媒体
坦尼娅·托德 (Tanya Todd) ,电话﹕+1.604.331.9834
网址﹕www.ivanhoemines.com
前瞻性陈述
本新闻稿载有的某些陈述可能构成适用证券法所订议的"前瞻性陈述"或"前瞻性信息"。这些陈述及信息涉及已知和未知的风险、不确定性和其他因素,可能导致本公司的实际业绩、表现或成就、其项目或行业的业绩,与前瞻性陈述或信息所表达或暗示的任何未来业绩、表现或成就产生重大差异。这些陈述可通过文中使用"可能"、"将会"、"会"、"将要"、"打算"、"预期"、"相信"、"计划"、"预计"、"估计"、 "安排" 、"预测"、"预言"及其他类似用语,或者声明"可能"、"会"、"将会"、"可能会"或"将要"采取、发生或实现某些行动、事件或结果进行识别。这些陈述仅反映本公司于本新闻稿发布当日对于未来事件、表现和业绩的当前预期。
该等陈述包括但不限于下列事项的时间点和结果﹕(i) 关于III 期扩建将于2024年完工,预计将卡莫阿-卡库拉的10年平均年产铜增加至62万吨,C1 现金成本1.22美元/磅的陈述;(ii) 关于PFS所载扩产至1,920万吨/年的方案,在矿山服务年限33期间,具有191亿美元税后净现值 (折现率8%) 的陈述;(iii) 关于PEA延长矿山服务年限至42年的方案,具有202亿美元税后净现值 (折现率8%) 的陈述;(iv) 关于卡莫阿-卡库拉的50万吨/年铜冶炼厂将于2024年底完工;将有助于降低运营成本及带来环境效益,生产超低碳阳极粗铜 (99%以上) 的陈述;(v) 关于卡莫阿-卡库拉将于2025年成为全球第四大铜生产商,在现金成本曲线中处于最低四分位的陈述;(vi) 关于矿产储量增加101%至4.72亿吨的陈述;(vii) 关于卡莫阿-卡库拉产生可观的现金流为扩建计划供资,前10年的平均EBITDA达30亿美元以上的陈述;(viii) 关于III 期和 IV 期扩建将为卡莫阿-卡库拉的所有利益相关方,包括运营社区、超过12,000名员工及承包商以及大股东刚果(金)政府 (持有项目20%权益) 带来重大利益的陈述;(ix) 关于PFS 对于将卡莫阿-卡库拉的设计产能从当前760万吨/年分阶段提升至2030年达1,920万吨/年进行评估的陈述;(x) 关于通过即将完成的扩产方案,将 I 期和II 期选厂的产能增加至920万吨/年的陈述;(xi) 关于III 期的 500万吨/年新选厂位于卡莫阿矿山,现正进行施工,将于2024年第四季度完工的陈述;(xii) 关于III 期扩建还包括一座设计产能50万吨/年、含铜99%以上的直接闪速炉冶炼厂,以及英加二期水电站5号涡轮机组升级改造的陈述;(xiii) 关于涡轮机组升级后,将为国家电网增容178兆瓦清洁水电,可以满足 III 期电力需求的陈述;(xiv) 关于后续的 IV 期扩建计划,将与 III 期同样建设一座500万吨/年的新选厂,从卡莫阿采区向选厂供矿,将综合产能提升至1,920万吨/年的陈述;(xv) 关于卡莫阿-卡库拉 2023 PEA 对于兴建4个新采区将矿山服务年限延长9年,即 I 期至 IV 期选厂的生产作业维持至2060年或以后的方案进行评估的陈述;(xvi) 关于世界级的经济测算结果奠定了卡莫阿-卡库拉成为全球规模最大、超环保和成本最低铜矿之一的地位,在未来几十年领导世界促进妇女权能和培育刚果(金)青年发展的陈述;(xvii) 关于卡莫阿-卡库拉是全球规模最大、品位最高的铜矿之一,也是产生可观资本回报和自由现金流的主要经济引擎的陈述;(xviii) 关于卡莫阿卓越发展中心将为刚果(金)卢阿拉巴省建立一个以社区为重点的可持续学习环境,提供国际认可的学位和文凭课程的陈述;(xix) 关于直接闪速炉冶炼厂将于2024年第四季度完工的陈述;(xx) 关于I 期和 II 期选厂将会处理来自卡库拉的矿石,矿山目前正进行扩建以满足其产量需求,随后自2029年起从卡库拉西区额外供矿的陈述;(xxi) 关于 III 期选厂将从卡索科南区现有采区及卡莫阿1区和卡莫阿2区建设中的新采区向选厂供矿的陈述;(xxii) 关于冶炼厂每年将生产65万至80万吨高强度的硫酸副产品向刚果(金)当地市场销售的陈述;(xxiii) 关于两座500万吨/年的新选厂 (III 期和 IV 期) 将从卡莫阿多个新采区向选厂供矿的陈述;(xxiv) 关于PEA在卡莫阿-卡库拉 2023 PFS 之上,将卡莫阿-卡库拉铜矿项目的矿山服务年限延长9年的陈述;(xxv) 关于PEA包括在卡莫阿采区建设四座新的井下矿山 (卡莫阿3区、4区、5区和6区),以维持高达1,920万吨/年的综合产能的陈述;(xxvi) 关于扩产方案已完成90%以上,I 期和 II 期即将达到设计产能,增加铜产量及运营现金流为 III 期和 IV 期扩建出资的陈述;(xxvii) 关于卡库拉矿山正进行扩建以提升矿石处理能力,将回采率提高到800万吨/年至900万吨/年之间,连同卡库拉现有的矿堆,向扩产方案完成后产能达920万吨/年的 I 期和 II 期选厂供矿的陈述;(xxviii) 关于2023 IDP说明了卡莫阿-卡库拉是世界上增长最快速铜矿山的原因,未来必定成为领先全球的采矿作业之一的陈述;(xxix) 关于根据卡莫阿-卡库拉2023 PFS,向SNEL的贷款将于9年内摊销的陈述;(xxx) 关于卡莫阿-卡库拉2023年生产精矿含铜的指导目标为39万至43万吨的陈述;(xxxi) 关于2023年C1现金成本的指导目标为1.40美元/磅至1.50美元/磅的陈述;(xxxii) 关于卡莫阿铜业于2025年将会成为全球第四大铜矿项目以及非洲大陆最大型铜矿的陈述;(xxxiii) 关于以市场共识价格计算,预计未来十年的平均入选铜品位达4.9%,项目将每年产生30亿美元以上的EBITDA,相比 I 期和 II 期显着提升的陈述;(xxxiv) 关于广泛的选冶试验结果显示,卡莫阿选厂预计达到87%的整体回收率,生产精矿平均铜品位高达37%的陈述;(xxxv) 关于卡莫阿矿床与卡库拉一样,还受益于极低的有害元素,包括0.02%砷含量的陈述;(xxxvi) 关于III期选厂将从毗邻的卡索科南区 (前称卡索科) 现有井下采区及卡莫阿1区和卡莫阿2区建设中的新井下采区供给矿石的陈述;(xxxvii) 关于卡莫阿1区的井下开采活动将于今年开展,其后卡莫阿2区将于2025年开展,将采用与卡库拉矿山同样的机械化分层充填采矿法的陈述;(xxxviii) 关于III 期选厂和地表基础设施的土方工程进展顺利,土建工程正如期推进的陈述;(xxxix) 关于冶炼厂将采用芬兰美卓奥图泰公司的顶尖技术的陈述;(xl) 关于预计冶炼厂将成为全球最大型的单系列闪速铜冶炼厂以及非洲最大型冶炼厂之一的陈述;(xli) 关于冶炼厂的处理能力达1,200万吨/年,将处理来自卡库拉和卡莫阿选厂精矿的陈述;(xlii) 关于预计冶炼厂将处理卡莫阿-卡库拉精矿总产量约80%,其中包括 III 期和后续 IV 期精矿的陈述;(xliii) 关于卡莫阿-卡库拉根据一项十年期协议,继续将部分精矿送往卢阿拉巴铜冶炼厂进行处理加工,预计每年处理约15万吨铜精矿的陈述;(xliv) 关于铜精矿如超过刚果(金)境内冶炼厂可处理的产量将出口境外的陈述;(xlv) 关于刚果(金)对硫酸有强烈需求的陈述;(xlvi) 关于在科卢韦齐,硫酸的现货价格最近飙升至600美元/吨的陈述;(xlvii) 关于冶炼厂为卡莫阿-卡库拉铜矿项目带来重大的经济效益,显着降低物流成本,还有助于节省粗炼费和当地税项,并可从硫酸销售获利的陈述;(xlviii) 关于99+%阳极粗铜出口的单位物流成本低于铜精矿,有助于将整体货运量减半以上的陈述;(xlix) 关于冶炼厂投产后前5年 (从2025年起计) 将减低平均 C1 现金成本至约1.15美元/磅的陈述;(l) 关于卡莫阿铜业现时是全球每单位铜的温室气体排放量最低矿山之一,正进一步研究计算冶炼厂对于卡莫阿-卡库拉气体排放 (范围一、二和三) 影响的陈述;(li) 关于卡莫阿铜业正考虑在未来建设一座下游电解精炼厂,每年可生产高达50万吨阴极铜的陈述;(lii) 关于IV 期扩建将保持卡莫阿-卡库拉的铜产量,使其跻身世界四大铜矿之一的陈述;(liii) 关于IV 期扩建计划可能提前实施,视乎市场条件和足够电力可用性而定陈述;(liv) 关于IV 期扩建将使卡莫阿-卡库拉铜矿项目能够维持年产60万吨铜的时间延长10年,在卡库拉最高品位的采区耗尽后,将从卡库拉西区及卡莫阿的采区向选厂额外供矿的陈述;(lv) 关于配合卡莫阿1,000万吨/年的选矿总需求,卡莫阿1区将推进产能爬坡至600万吨/年,初期将从卡索科南区和卡莫阿2区额外供矿以弥补不足的陈述;(lvi) 关于随着 IV 期于2030年投产后,预计卡莫阿-卡库拉将可维持约18年的稳态产能,年产精矿含铜金属50万吨以上的陈述;(lvii) 关于英加二期水电站5号涡轮机组的升级改造正在进行,将为 III 期提供清洁环保水电的陈述;(lviii) 关于卡莫阿-卡库拉铜矿项目的后续扩建与 I 期和 II 期的现有作业一样,将会使用公司与刚果(金)国有电力公司SNEL合作开发的可再生清洁水电的陈述;(lix) 关于卡莫阿铜业正积极研究安装额外的备用容量,包括发电机以及带电池储能的太阳能和水力发电的可再生能源,确保矿山在电网出现电力中断的情况下也能够如常运行的陈述;(lx) 关于卡莫阿-卡库拉 2023 PFS 估计,III 期扩建整体的剩余资本性开支为30.4亿美元,未计截至2022年12月已用于 III 期的2.55亿美元的陈述;(lxi) 关于卡莫阿铜业正计划安排短期融资贷款,避免一旦铜价大跌时导致资金短缺的陈述;(lxii) 关于IV 期扩建的资本性开支约15.5亿美元,由于 IV 期可使用 III 期的部分基础设施,因而节省大量成本的陈述;(lxiii) 关于IV 期的资本性开支包括1.34亿美元用于刚果(金) 新建的可再生能源基础设施,以及8,400万美元用于建设从卡莫阿-卡库拉至科卢韦齐主要铁路支线的陈述;(lxiv) 关于卡莫阿-卡库拉2023 PFS 估计,在矿山服务年限 33 年期间的平均维持性资本开支约55.8亿美元,相当于平均每年1.69亿美元的陈述;(lxv) 关于卡莫阿卓越发展中心首阶段将于2023年进行招生的陈述;(lxvi) 关于以铜价3.80美元/磅 (2023年) 和3.90美元/磅 (2024年) 计算,预计 I 期和 II 期的年均EBITDA达20亿美元,将为扩建计划的资本需求提供资金的陈述;(lxvii) 关于随着扩产方案于2023年初完成, I 期和 II 期选厂于前两年以稳态产率 (920万吨/年) 运行,将产生现金流量为资本性开支提供资金的陈述;(lxviii) 关于 III 期扩建于2024年底实现爬坡至1,420万吨/年以增加产量,预计项目前10年的平均年产铜达62万吨的陈述;(lxix) 关于50万吨/年冶炼厂与 III 期同时实现投产将大量节省运营成本的陈述;(lxx) 关于 III 期投产后前5年 (2025至2029年) 将生产大量现金流,平均年产铜达65万吨,C1现金成本1.15美元/磅的陈述;(lxxi) 关于2030年后,IV 期实现产量爬坡至1,920万吨/年,将使年产铜保持于50万吨以上,直至2048年的陈述;(lxxii) 关于III 期剩余的资本性开支 (已计入应急费用) 为30.4亿美元,未计截至2022年12月已花费的2.55亿美元。 30.4亿美元其中约25.3亿美元将于2023年和2024年 III 期选厂投产前使用,余下的资本性开支将用于开采作业推进产量爬坡的陈述;(lxxiii) 关于卡莫阿采区按次序兴建的4个地下采区 (卡莫阿3区、4区、5区和6区) 将为卡莫阿和卡库拉的选厂提供额外1.812亿吨矿石,平均入选品位3.1%,以生产额外480万吨精矿含铜金属的陈述。
此外,卡莫阿-卡库拉2023 PFS及卡莫阿-卡库拉2023 PEA的所有结果均构成了前瞻性陈述或信息,并包括内部收益率的未来估算、净现值,未来产量、现金成本估算、建议开采计划和方法、估计矿山服务年限、现金流预测、金属回收率、资本和运营成本估算,以及项目分期开发的规模和时间点。
另外,对于与卡莫阿-卡库拉项目开发有关的特定前瞻性信息,公司是基于某些不确定因素而作出假设和分析。不确定因素包括:(i) 基础设施的充足性;(ii) 地质特征;(iii) 矿化的选冶特征;(iv) 发展充足选矿产能的能力;(v) 铜、镍、锌、铂金、钯、铑和黄金的价格;(vi) 完成开发所需的设备和设施的可用性;(vii) 消耗品和采矿及选矿设备的费用;(viii) 不可预见的技术和工程问题;(ix) 事故或破坏或恐怖主义行为;(x) 货币波动; (xi) 法例修订;(xii) 合资企业伙伴对协议条款的遵守情况;(xiii) 熟练劳工的人手和生产率;(xiv) 各政府机构对矿业的监管;(xv) 筹集足够资金以发展该等项目的能力;(xvi) 项目范围或设计更变;(xvii) 回收率、开采率和品位;(xviii) 政治因素;(xix) 矿山进水情况及对于开采作业的潜在影响;以及 (xx) 电源的稳定性和供应。
本新闻稿还载有矿产资源和矿产储量估算的参考信息。矿产资源估算未能确定,并涉及对许多有关因素的主观判断。矿产储量的估算提供了更多的确定性,但仍然涉及类似的主观判断。矿产资源不是矿产储量,不具有论证的经济潜力。任何该等估算的准确性是可用数据的数量和质量函数,并根据工程和地质诠释的假设和判断而作出 (包括公司项目的未来产量估算、预期将开采的矿石量和品位,以及估计将实现的回收率),可能被证明是不可靠,在一定程度上取决于钻探结果和统计推论的分析,而最终可能证明是不准确的。矿产资源或矿产储量估算可能需要根据下列因素作出重新估算﹕(i) 铜及硫酸或其他矿产价格的波动;(ii) 钻探结果;(iii) 选冶试验和其他研究的结果;(iv) 建议采矿作业,包括贫化;(v) 在矿山计划的任何估算及/或变更日期之后作出的矿山计划评估 (vi) 未能取得所需准许、批准和许可证的可能性;以及(vii) 法律或法规的修订。
前瞻性陈述及信息涉及重大风险和不确定性,故不应被视为对未来表现或业绩的保证,并且不能准确地指示能否达到该等业绩。许多因素可能导致实际业绩与前瞻性陈述或信息所讨论的业绩有重大差异,包括但不限于“风险因素”以及公司截至2022年9月30日止三个月及九个月的《管理层讨论与分析》其他部分所指的因素,以及有关部门实施的法律、法规或规章或其不可预见的变化;与公司签订合约的各方没有根据协议履行合约;社会或劳资纠纷;商品价格的变动;以及勘查计划或研究未能达到预期结果或未能产生足以证明和支持继续勘查、研究、开发或运营的结果。虽然本新闻稿载有的前瞻性陈述是基于公司管理层认为合理的假设而作出,但公司不能向投资者保证实际业绩会与前瞻性陈述的预期一致。这些前瞻性陈述仅是截至本新闻稿发布当日作出,而且受本警示声明明确限制。根据相应的证券法,公司并无义务更新或修改任何前瞻性陈述以反映本新闻稿发布当日后所发生的事件或情况。
基于公司截至2022年9月30日止三个月及九个月的《管理层讨论与分析》的 “风险因素” 所指的因素,公司的实际业绩可能与这些前瞻性陈述所预计的业绩产生重大差异。